Frequently Asked Questions
- Why do I need insurance?
Insurance covers you, your loved ones and your assets. It is a means to risk management, protection and earning stable income. An insurance will cover the cost of any possible loss to you.
- Why should I choose Stanbic Life insurance?
Life insurance can help give your family peace of mind when they need it the most. It can be used to replace your income, cover burial expenses, pay off debt or leave a legacy. Most importantly, it can provide security for your family's financial future. We provide you with security, flexibility, track record and professional services
- Who is a Beneficiary and how many beneficiaries am I allowed to have?
Your Beneficiary is anyone you nominate who will receive the insured amount in case of death. You can nominate as many beneficiaries as you want.
- How many times can I change my beneficiaries?
You can change your beneficiaries as many times as you want.
- What is a premium and how often am I required to pay a premium?
Premium is an agreed amount paid to the insurance company by the insured. The premium payment plan is determined in the insurance contract by the insured and insurance company.
- What happens if I fail to make premium payments?
There is an insurance grace period. The grace period is a period after the premium is due, which the insured can still make payment. Failure to pay the agreed premium before the premium is due, or within the grace period results in termination of the insurance contract. Once the accumulated outstanding premium is paid, the contract can be revived.
- What is the minimum insurance coverage period?
The minimum insurance coverage period varies per products and the need of the insured.. It is agreed on in the insurance contract depending on the need of the insured.
- What is a no claim bonus and how do I get it?
This reduces the premium paid by the insured. A no claim bonus is an advantage for those who did not make insurance claims in their previous year of coverage
- Can a person take more than one policy and make claims on as many policies as they have at once?
A person can take as many policies as they are eligible to and can make claims on them in fulfillment to the contractual obligations
Corporate Frequently asked questions
- Does Group life insurance have cash value?
The group life insurance does not have a cash value. However, it possesses lower premium than insurance that have cash value.
- How long will I be covered by the Group Life insurance?
Our Group life insurance covers you until you reach age 70 or you cancel your plan.
- Who can I cover under my Group Life insurance?
You can cover as many beneficiaries as you want.
- Do I need to provide medical information to obtain a Group Life insurance?
Yes. you need to provide your medical information and history.