FAQs: Long Term Insurance
What is long-term insurance?
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What types of policies are available in long-term insurance?
Long-term insurance includes various types of policies. These include:
- Life Insurance: Provides a lump sum payment to beneficiaries after your passing.
- Disability Insurance: Offers a regular income if you are unable to work due to a disability.
- Income Protection: Provides a monthly income if you are unable to work as a result of illness or injury.
- Critical Illness Cover: Pays out a lump sum if you are diagnosed with a serious illness.
- Accidental Cover: Pays out a lump sum in case of accidental injury or death.
- Funeral Cover: Covers funeral and immediate expenses, while the estate is being settled. It pays out faster than life insurance.
- Cover for Children: Offers financial security for medical emergencies, accidents, or loss of a child.
- Estate Protection: Helps safeguard your assets and ensures a smooth transfer of wealth to your beneficiaries.
How much cover do I need for long-term insurance?
The amount of coverage you need depends on factors such as:
- Your current income
- Financial obligations (e.g. home loan)
- Future goals (e.g. retirement, education)
- Family dependants
- And your lifestyle
Our expert financial advisors will assess your needs and recommend the best cover options to protect you and your family.
Can I customise my long-term insurance policy?
Yes, most long-term insurance policies offer flexibility, allowing you to customise your cover to suit your needs and circumstances. You can tailor your policy by choosing the cover amount, duration, beneficiaries, as well as additional riders or benefits according to your preferences.
What happens if I miss a premium payment?
It’s essential to pay your premiums on time to keep your policies active. However, in the unfortunate circumstance that you miss a payment, your coverage may lapse, and you could lose the benefits of the policy. However, many insurers offer a grace period or reinstatement options, depending on the terms and conditions outlined in your policy contract. Make sure you review your policy terms for specific details or contact your broker.
Which insurers does Voorpos work with?
We partner with a wide range of reputable insurers to offer you the best possible long-term insurance solutions. Our dedicated advisors will work with you and compare quotations from various insurers to find the perfect coverage that aligns with your specific needs and budget.
How often should I review my long-term insurance policies?
To ensure your long-term insurance remains aligned with your evolving needs, review your policies at least once per year and whenever life circumstances change significantly. This may include milestones, such as getting married, having children, buying a new home, changing jobs, or experiencing changes in your health status.
By reviewing your long-term insurance policies periodically, you ensure they remain relevant to your changing life circumstances and financial needs. As a Voorpos policyholder, you will receive a friendly reminder from one of our advisors each year to schedule a policy review.
How can you obtain a quotation?
Assess your needs: Determine the type of cover you require. If you are unsure, simply reach out to us.
Contact Voorpos: Contact our experienced financial advisors for a consultation. You can contact us via phone, email, or visit our website.
Consultation and evaluation: During the initial consultation, we will assess your financial situation, discuss your objectives, and help you understand the various products available.
Provide information: Share relevant personal and financial information, including your age, health status, income, existing insurance policies, and beneficiaries.
Receive a quote: Our advisors will provide you with a personalised quote based on your needs.
Review and finalise: Carefully review the quote and ask any questions you may have. Once satisfied, proceed with the application process and finalise your policy. Our team will assist you with completing the application process, underwriting requirements, and any necessary medical exams or assessments.
Remember, long-term insurance is a valuable investment in your financial security. By understanding your options and working with a trusted Voorpos financial advisor, you can benefit from having the right cover to protect yourself and your loved ones.
