Frequently Asked Questions
Q:What is TermLife Solitaire?A:
TermLife Solitaire is a plan specifically designed to meet the protection needs of the mass affluent segment. This is also a plan that caters for legacy planning and protection for the keyman in their business. It provides coverage for death and terminal illnesses during the term of the policy.
Q:How much is payable for the death benefit?A:
If the insured dies during the term of the policy, we will pay the sum assured. The policy will end when we make this payment.
We will not pay the Death Benefit if the insured commits suicide within the first year of policy commencement. The policy will cease with immediate effect and we will refund the total premium payments received without interest.
Q:How much is payable under the terminal illness benefit?A:
When the insured is certified to be terminally ill, we will pay the sum assured in one lump sum. The policy will cease after the benefit is paid.
Terminal illness means an illness which, in the opinion of the Registered Medical Practitioner involved and subject to acceptance by a registered medical practitioner appointed by us, is highly likely to lead to death within 12 months.
We will not pay this benefit if the claim arises from a terminal illness in the presence of Human Immunodeficiency Virus (HIV).
Eligibility and premium payments
Q:What are the minimum and maximum entry ages?A:
Policy Term* Minimum Entry Age (LB) Maximum Entry Age (LB) 10 18 74 15 18 74 20 18 74 25 18 74 30 18 70 35 18 65 40 18 60 Up to age 64 18 54 Up to age 74 18 64 Up to age 84 18 74 Up to age 100 18 74
* Subject to the maximum coverage age of 100 LB.
Q:What is the minimum and maximum sum assured for this policy?A:
The minimum and maximum sum assured are $500,000 and $20,000,000 per life respectively. The insured may choose any amount in multiples of $10,000. The insured cannot be covered for more than $20,000,000 sum assured by buying multiple policies.
Q:What are the premium payment frequencies available?A:
The premiums can be paid monthly, quarterly, half-yearly or yearly.
Q:What are the policy terms available?A:
You can choose to be insured between a period of 10 to 40 years, in multiples of 5 years, or up to ages 64, 74, 84 and 100 (last birthday). A minimum policy term of 10 years is required.
Q:Is the premium payable for this policy guaranteed?A:
Premium rates are guaranteed and level throughout the premium payment term.
Application & processing
Q:Is there underwriting for TermLife Solitaire?A:
Yes. Health and financial underwriting (where applicable) are required.
Q:Can I backdate my policy application?A:
Yes, you can backdate your policy application to one day before the insured’s birthday if all of the following conditions are met:
- Policy applications cannot be back dated earlier than 01 Jan 2017; and
- Policy applications cannot be back dated for more than 6 months.
Q:When will the insurance coverage commence?A:
Cover commences upon underwriting approval and receipt of premium payment. We will inform you the date of commencement of cover in writing.
Q:Will there be any insurance coverage while the application is being processed?A:
We will refund the premium paid if the insured dies while the application is being processed.
Q:What is the arrangement for GIRO deduction?A:
The arrangements are as follows:
- GIRO Form
- You have to submit the GIRO form to authorise GIRO deduction.
- Kindly have the form verified by an insurance adviser / servicing staff before submission.
After receiving the GIRO form, we will arrange with the bank to start the deduction as early as possible. We will inform you in writing as soon as the arrangement is confirmed.
- Deduction Dates
- The deduction dates in each month are the 6th day of the month (first attempt) and 18th day of the month (second attempt).
- The deduction date will be rescheduled to the next working day if the 6th or 18th day of the month falls on Sunday or Public Holiday.
- We will send you a notice if any premium cannot be deducted due to insufficient funds in the account.
We will not issue any receipt for premiums deducted through GIRO. The deduction will be shown in the bank statement.
- GIRO Form
Q:Can all types of credit card be used to make payment for first premium?A:
Currently we only accept Master and Visa cards. Other cards such as Diners or American Express are not accepted.
Q:When will the premiums be deducted from credit card for first premium?A:
Once the life insurance application has been approved and credit card details have been entered in our system, the premiums will be deducted within 5 working days.
Q:Can I request for the policy document to be hand delivered instead of being sent by post?A:
Please note that the default option will be by post (i.e. policy document sent directly to policyholder – via normal/non-registered mail). If you wish the policy document to be hand delivered, please select “By Hand” option on the top right-hand corner of the application form.
Cash value & bonuses
Q:Is there any cash value for this policy?A:
No, there is no cash value for this policy as this is a non-participating policy.
Q:Is this policy eligible for any bonus?A:
No, this policy is not eligible for any bonus as this is a non-participating policy.
Q:Is there a surrender value for my policy?A:
No, there is no surrender value as this is a non-participating policy.