Life Assurance Housekeeping Reminders

Are you thinking of getting a life assurance policy for the first time? Here are some “housekeeping” guidelines to make sure your policy is in order at all times:

Policy Application Processing

When you submit the life assurance policy application, the insurance company will apply its own rules of underwriting to your application. This process may take as quickly as a couple of hours or it may stretch out for as long as six or ten working days, especially when more tests are required.

The process will be lengthened when there are problems with your health history that the insurance company may need to check and verify. They may even have to write to your doctor to request for a medical report and will have to await the doctor’s reply. And, knowing that doctors are busy people too, the average response rate of a doctor is around 10 days.

Free-Look Period

When the policy is issued and sent over to you, you have a specified number of days in which you can review the terms and conditions of the policy. If you are not satisfied with these terms, you can actually return the policy and get a full refund of your premiums with no questions asked, provided that you return it within the prescribed date.

Premium Payments

The insurance company will regularly send you bill notifications to remind you when your premium payments are due. There are also facilities that make it easier for the Insured to keep up with the premiums. You can choose to have an auto-debit arrangement with your bank and the Insurance Company. The Insurance Company must first have such its own arrangement with the bank. Every time your premiums are due, these are automatically deducted from your bank account and a receipt is sent to you.

Changes in the Policy

If you wish to make any changes in your policy, such as to change beneficiaries, add a rider or notify them about a change in address, you may do so by contacting the insurance company and asking their customer service department to process your request.

Please note that the changes will be made if these are within the policy contract’s stipulations. Also, you cannot just change material details of the contract if you have designated irrevocable beneficiaries. Any changes should have the beneficiaries’ signature on the form.

To protect your loved ones for less, fill the form on the right to get your life insurance quote.