It is a good idea to check all your insurance policies at least once a year to make sure that all your details are up to date and that you still have sufficient cover. To make your life just that little bit easier, the 1Life team drew up this checklist of points you should review on each type of policy you might have with us.
You will need a copy of your policy schedule to review your details. If you do not have a copy please contact our Client Services team on 0860 10 51 94 and we will e-mail one to you. Please have your policy or ID number on hand when you call.
Funeral cover provides the funds you need to give your loved ones the burial they deserve. Keep your policy up to date and review the following on your schedule:
- Check that all the Policyholder Details are up to date, including your telephone and cell number, e-mail address and physical and postal address.
- Ensure that the amount of cover that you have taken out for each family member is sufficient.
- Ask yourself if there are any additional family members you want to add to the policy.
Continuity of Cover
It is very important to keep us informed of certain changes when they occur in your life, as these can have an effect on your benefit amounts and/or premiums payable. This is known in insurance-speak as Continuity of Cover. You should inform us if:
- You start smoking
- You get a new job
- You are outside of the borders of South Africa for more than 14 consecutive days due to increased travelling for work or recreation
- You start a hobby or sport that may put you at greater risk for example regularly engaging in skydiving, bungee jumping or high-speed motor racing/ you start a hobby or sport that may put you at risk
Life is always changing and so should your policies. Changes like marriage, the birth of a child, additional debt or a new job can all impact the amount of cover you might need in case of the death of a breadwinner, disability or chronic illness. But how do you know how much cover you actually need? Complete the online Financial Needs Analysis or contact Client Services to do one telephonically and make sure that you and your family are covered, no matter what tomorrow might bring!
When considering a policy upgrade it is important to remember one of the benefits of your policy called Guaranteed Assurability. This benefit allows you to increase your cover amount with no medical underwriting every 3 years on your policy anniversary or after a significant event in your life, such as if you get married, have a child or buy a new home.
Please check the contact details on your policy schedule and ensure that they are all up to date.
Have you printed and filed a Beneficiary Instruction Sheet?
We recommend that you download and print the life cover Beneficiary Instruction Sheet and file it together with your policy documents and will. It is intended for the family member who will submit a life insurance claim against your policy and explains how to claim in some detail.
If you have any questions about your policy please don’t hesitate to contact our Client Services team. We are here to help!