LIFE INSURANCE

101 QUIZ

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Life Insurance Quiz 101

10 random quick, easy life insurance quiz questions to help you unlock how it works by increasing your knowledge.

1 / 10

What is lump sum servere illness cover?

Servere illness cover protects you against illness such as - heart attack, strokes, cancers and loss of leg, arm or eyes.

Servere illness cover protects you from any illness which has left you severely ill and can possibly result in death. Example stroke, heart attack, cancer.

Servere illness cover protects you against corona virus, since the virus is deadly specific cover can be taken out for this disease.

2 / 10

Is there specific cover for cancer only, as my family are at a higher risk for this disease?

No, cancer is a very common illness and the insurers wont be able to manage this high risk.

No, servere illness cover will cover cancer and other servere illnesses, you need to take servere illness cover.

Yes, most insurers now offer critical and servere illness cover on their own, like cancer, heart attack, stroke, etc. covers.

3 / 10

Can a beneficiary in my will also act as a witness and sign my will?

Yes, this is completely convenient and makes logical sense.

Yes, as long as they understand that their role is more of a beneficiary than a witness should they be called to court for any reason.

No, according to our current laws, someone who is a beneficiary in a will cannot sign as a witness to that will.

4 / 10

Do insurers offer an monthly disability income benefit instead of a lump sum amount?

No, you need to receive the lump sum and put it away and receive monthly interest on it from the bank.

Yes, there are many insurers who offer a disability income benefit which will match your current monthly salary.

No, you only get lump sum benefits.

Yes, there are many insurers who offer a disability income benefit which is usually limited to 75% of your current salary.

5 / 10

What does it mean to have a whole of life benefit?

The cover will not end at retirement or at a specific date, you will have this cover right up until the time you die.

It means that the benefit will automatically change from a monthly income benefit to a lump sum benefit.

The cover is available to you up until your retirement age and after that date your benefits will fall away.

6 / 10

My comprehensive servere illness cover pays me out for stage 4 cancer. Seven months later, I suffer a servere heart attack. The two events are not related, will I be able to claim again?

No you cannot claim as you can only claim once from your servere illness policy.

No you cannot claim as you are only supposed to have one servere illness in your lifetime.

Yes, as long as the two illnesses are not related you will be able to claim again.

7 / 10

What is the minimum and maximum amounts of Life Cover you can have?

It depends on each insurer as they all have different minimum and maximum covers they will accept

Min R50 000 and there isn't a maximum

I can take out any amount of cover I want as long as I pay my premium

8 / 10

When is the best time to take out Life Cover?

Life cover should be taken out after you turn 21 years as you are officially an adult and you have responsibilities.

Life cover should be taken out after you turn 50 years old, to ensure your family has money to survive in the event of your death.

Life cover should be taken out as soon as possible. The younger you are the lower your premiums will be. Life is uncertain and you want to leave your family some means to take care of themselves.

9 / 10

If I pay for my policy premiums for 20 years and don’t die, can my Life cover be paid out to me?

No, Life cover will not pay me out after 20 years of premium payments, however it will pay the money to my beneficiary.

Yes, life cover can cover you for a period of 20 years and after that, you get paid out even if you are still alive.

Life cover will only pay out when you die. But some insurers have cash back options which will allow you to get a portion or all of your premiums back after a specific period.

10 / 10

What would happen if I don’t disclose to the insurer upfront that I once had a heart attack when I was really young?

This might result in your claim being rejected and your beneficiaries not receiving any pay-out when you die. Its best to always be honest about your medical history.

Your claim will be rejected because the insurer should have put heart attack as an exclusion on your policy

The insurer will cancel your policy and report you to the Ombudsman for your unethical behaviour.

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*This quiz is not intended as financial or insurance advice. Call us for specific insurance related questions and advice.

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