As the news informs us in the rise in number of deaths overseas related to corona virus, we’re sure this raises a few questions in regards to your life insurance policy. We are here to assure you that if you have an active life insurance policy and continue paying premiums, your beneficiaries will receive a payout if you die from COVID-19 or related complications.
When might my policy not pay out?
Your policy may not pay out if;
- You lied on your application. Life insurance applications are legally binding documents. If you were dishonest in your application, we have the right to delay the payout to your beneficiaries while we investigate, or deny it altogether.
- Your policy lapsed. If your policy lapsed and you died before getting it reinstated, your beneficiaries won’t receive any money.
That being said Sacos will automatically renew policies that become due for renewal from 8 April to 8 May 2020. We would like to encourage you during this time to communicate with us electronically (see below) and make use of any of the following available options to pay your renewal premiums to ensure that you remain covered during the trying times that we are faced with:
- Payment through Internet/ Mobile Banking
- Payment at your bank
- Mobile Payment (MCB Juice)
Please visit the Sacos website www.sacos.sc for more details on how to make payments through the above options.
If, for good reason, you are unable to make payment electronically, Sacos will hold you covered until 8 May 2020 and urge you to contact us as soon as lockdown is lifted to make payment for the annual renewal of your policy. If Sacos does not hear from you by 15 May 2020, your policy will automatically lapse and be cancelled in accordance with your contract of insurance.
Can I apply for life insurance during the coronavirus pandemic?
Yes. While the coronavirus is an evolving pandemic, it shouldn’t affect your ability to apply for life insurance.