Life Insurance Frequently Asked Questions

1. Why do I need to complete the Financial Needs Analysis?

We have a responsibility to understand your needs of customers in terms of Suitability and Affordability and your related information for properly assessing and analyzing your insurance needs, before recommending any life insurance products.

2. What is Cooling-off Period?

In general, cooling-off period refers to 21 calendar days immediately following the day of delivery of the policy or the Cooling off Notice to the Policyowner or the Policyowner nominated representative (whichever is earlier). Policyowner has the right to cancel the insurance policy within the Cooling-off Period and obtain a refund of any premiums and levies paid.

3. What is Premium Levy?

With effect from 1 Jan 2018, premium levy will be collected from policy owners by insurance companies on behalf the Insurance Authority ("IA") according to Insurance (Levy) Regulation and Insurance (Levy) Order in order to support the operation of IA. Policyowners shall pay the levy at applicable levy rate and levy cap along with their premium payment.

4. What is Grace Period?

In general, a grace period is a period of time within 31 calendar days from the premium due date and in which the policy is still in force even without payment of premium.

5. What does Waiting Period mean?

There are various protection plans (such as medical, hospitalization, critical illness) that are subject to a waiting period stated in the respective policies. If a claim on insurance against an illness is submitted within the waiting period and after the effective date of the policy, no claim payment will be payable for the medical expenses incurred due to the illness or its symptom(s) manifested. For terms and conditions of the waiting period, those stipulated in the policy contract shall prevail.