Have you reviewed your 1Life insurance policy to make sure it’s up to date and offers you the cover you need? Use our downloadable checklist to make short work of this year’s review.
Did you know that it’s important to review your 1Life insurance policy at least once a year? Make sure that all your details are up to date and you have the cover you and your family need. To help you make short work of this year’s policy update, the 1Life team drew up this downloadable checklist.
Top tip: 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.
Policy details
Check that the following details on your policy schedule are correct:
- Your contact details & address
- Bank name and account number
- Salary payment date
- Debit order date
Cover amount
Check that your cover amount is still sufficient, taking all your insurance policies including the cover you may have through your employer into account. Remember that life changes like marriage, the birth of a child, taking care of a family member’s children, elderly parents moving in with you or additional debt could mean that your loved ones and extended family need more cover in the event of death, disability or serious illness. Make sure you consider all the people who depend on your income when you review your cover amount.
But how do you know how much cover you actually need? Use the 1Life insurance calculator to work out how much cover you and your family will need.
Top tip: Make a note of your policy anniversary date. This is an important date on which you may increase your cover through our Guarnateed Assurability benefit that 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. If applicable, premium increases are effective from the anniversary date as well.
A change in your risk profile
Please inform us of the following changes as these can have an effect on your benefit amounts and/or premiums payable.
- You start or stop 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, and which countries you will be visiting.
- 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.
Your beneficiaries (life cover only)
In the event of your death, your sum assured will be paid to your nominated beneficiary or beneficiaries. Please ensure that we have his or her most up to date contact details. In addition, if you are recently divorced or remarried, had a child or started caring for a family member please amend your beneficiary details to ensure that the right people will be taken care of.
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.
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 your details are up to date, including your telephone and cell number, e-mail address and physical and postal address.
- Check your salary payment date and bank account number.
- 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.
Download and print your copy of this checklist here.
Original article published on: 7th November 2017
Updated on: 12th November 2018