SERVICES

Insurance Terms

Understanding insurance terms can be difficult. Knowing these terms will help you make the right choice and get the right cover.

Death benefit

The sum of money which will be paid due to the death of the policy holder.

Main (insured) life

The main person covered by the policy, without whom the policy would not exist.

Additional (insured) life/lives

Other person/s covered under the main insured life’s policy. Additional lives are usually family members.

Policy anniversary

For every year after the date on which the policy was take out, there will be a policy anniversary. It’s like a birthday or a wedding anniversary.

Whole of life

Means that the policy will not end until the main insured life dies or the policy is cancelled. The policy will not cancel due to the age of the main insured life.

Beneficiary / beneficiaries

People (usually family and loved ones) or companies who will be paid the agreed sum of money upon the death of an insured life.

Funeral

The ceremony whereat the family bids farewell to the deceased.

Terminal illness

A health condition which would result in the death of person within 1 year.

Diagnosis

When the doctor communicates his opinion on what the health condition/s may be.

Prognosis

When the doctor communicates the effects/course of a medical condition.

Guarantee period

A time period wherein the insurer guarantees that nothing will change insofar as premiums are concerned.

Age-related premium increases

Premium increases which are linked to the age of the person who is being covered.

Waiting period

The time to when a benefit kicks in.

Occupational or personal travel

When one travels for work or for personal reasons (eg. holiday)

Dangerous hobbies or activities

Sport or other activities which is done in one’s own time that we regard as dangerous.

General exclusions

Instances where you may not claim against the policy.

Suicide exclusion

Taking one’s own life within the first 24months of the policy start date.

Specialist consultation

Meeting with a medically trained professional who focuses on an area of medicine.

Prescribed medication

Tablets, injections or other forms of medication which a doctor instructs you to take.

Admitted to a hospital or clinic

When you attend a hospital or clinic and complete the form with all your details, and the doctor reserves a bed.

Procedures

An action intended to attend to, investigate or achieve a specific result in respect of a health problem.

Insurance Terms

Current or ongoing medical symptoms

Any issues regarding your health which you are experiencing now or have been experiencing.

Minimum requirements

The initial and basic information we need to consider a claim.

True and complete information

Information that is honest and open. Incorrect or dishonest information will make the insurance contract invalid.

Cooling-off period

The time period after taking the policy wherein the client may cancel and not be changed for the cover he/she already enjoyed.

Complaints

When someone is upset by something and communicates their why they are upset.