Frequently Asked Questions
Who can apply?
ACS members under the age of 70 are eligible to apply. Cover is not available to residents of the United States, Canada or Puerto Rico.
Do I need life assurance?
If someone you love will suffer financially if you die, you almost certainly need life assurance. If you do not have anyone financially dependent on you, but you have bank loans, personal loans or credit card debt, you may need life assurance to settle these debts if you die.
Life assurance pays a lump sum benefit after you die and can therefore help provide your family with an income, settle a mortgage or estate taxes, or simply cover burial expenses.
Do I need life assurance if I have it through my employer?
You probably do, for a number of reasons.
Most employer provided group life plans are not portable which means if you change your job for whatever reason, you may no longer be covered. Companies could also decide to restructure their remuneration policies during difficult periods, removing group life assurance from their employment packages.
Most importantly though, group life typically covers only two to three times annual salary, which is almost certainly not enough, as the recommended protection level is 10 to 20 times annual income. Families who rely on employer provided insurance as the solution for their long-term family protection needs could be under-insured and should consider buying a life assurance policy that they control to protect themselves over the long term.
How much life assurance do I need?
The most important (and possibly difficult) part of buying life assurance is determining exactly how much cover you need. It’s best to ask yourself, if you were to die today, what your family would need to meet immediate, ongoing, and future financial obligations and then compare that with current financial resources. Here are some examples of each:
- Immediate Funeral Costs; Medical Bills; Taxes
- Ongoing Mortgage Payments; Utilities; Food and other living expenses
- Future Tertiary Education; Spouse’s Retirement Funds
Financial resources can include your partner’s income as well as family savings and investments. The difference between the obligations and resources is how much life assurance you need.
You may wish to make use of the Unisure Family Protection Calculator to help you with this exercise.
How much life assurance can I buy?
Unisure’s My Term Assurance allows you to buy from USD 50,000 to USD 500,000 (GBP 400,000 or EUR 450,000).
Can I buy life assurance on anyone I choose?
Unisure’s My Term Assurance policy allows a person to insure only their own life for family protection purposes. You can however assign a My Term Assurance policy to a registered banking institution for the purpose of loan collateral.
Can I buy more than one policy?
You can buy more than one My Term Assurance policy, but please bear in mind that the maximum sum assured is USD 500 000 (GBP 400,000 or EUR 450,000) per person for a single policy, or policies in aggregate.
How much does life assurance cost?
This depends on a number of factors. To Get a Quote we will need to know your age, gender, smoking status, nationality, country of residence as well as how much cover you want and for how long.
If there are additional factors identified on your application such as family or medical history; higher risk occupations, sports or pastimes; or travel risks, we may need to adjust the quoted premium for these additional factors.
I found a cheaper quote online for the same sum assured, why are your premiums higher?
No two life assurance policies are the same. It is therefore very important to read and compare the Terms and Conditions of each insurance product you are considering, paying particular attention to the policy exclusions.
Unisure’s My Term Assurance premiums and cover are guaranteed for the entire policy term. This means that once your policy has started and as long as you continue to pay your premiums, it does not matter which changes you make to your country of residence, lifestyle, occupation or travel obligations; your premium and cover will remain unaffected and are guaranteed to remain the same for the whole policy term.
Most, if not all other life assurance policies sold online internationally are Annually Renewable which means the premiums increase each year. The premium may start out cheaper by comparison but, within a few years, you could be paying much more per year and in total.
What is a death benefit?
This is the amount of money we pay your estate or designated beneficiaries upon your death, provided the policy is in force at the time of death.
What is a beneficiary?
An individual, entity, trustee, or estate named by the policyholder to receive death benefit proceeds upon your death.
Must I appoint beneficiaries?
No, you do not have to appoint beneficiaries. In the event of your death, we would follow the instructions of the executor of your estate. However, appointing beneficiaries may enable Unisure to settle claims more quickly. If you do not appoint any beneficiaries, you may want to consider using a trust or a will to avoid any legal difficulties when a claim is made.
Can I change my appointed beneficiaries?
At any time, as often as you wish, you can appoint, change or remove as many beneficiaries to your policy as you like.
What is accidental death benefit?
An optional rider which pays an additional 50% of the Death Benefit if death is a direct result of an accident.
Why should I buy accidental death benefit if this is already covered?
Accidental Death could result from an accident which involves third parties or could occur after a lengthy and costly stay in hospital.
Including this benefit on your policy protects the primary death benefit by providing additional funds to cover those unforeseen costs or liabilities which may arise from the accident.
Will the policy pay earlier if I become Terminally Ill?
Yes, Terminal Illness Accelerator is a standard free benefit on all Unisure policies. If a medical expert has determined that you have less than 10 months to live due to a Terminal Illness, we will pay the full sum assured immediately. This benefit does not apply in the last two years of the policy term.
Does the policy cover suicide?
If death results from suicide within the first 2 years of the policy start date, we will refund all premiums paid. After the first 2 years, suicide is fully covered by the policy.
Does the policy cover terrorist attacks?
My Term Assurance excludes active participation by a Life Assured in any war whether declared or not, civil war, insurrection, riot, terrorist act, mutiny, piracy, civil commotion or other acts of violence originating from any political or civil unrest. Any passive victims of any of these incidents would be fully covered.
What should the term length of my policy be?
The term length for My Term Assurance can be any number of whole years between 1 and 30. If you are buying life assurance to cover a specific liability or obligation, we suggest you set the term length to match the duration of that liability or obligation. If you want life assurance for general family protection, we suggest you consider a term length which will end when your children have been educated and you have retired.
What is the maximum age I can buy a policy at?
My Term Assurance is available to anyone over the age of 18 and under the age of 70 to complete an application.
Will my premium change during the term of the policy?
No. It does not matter which changes you make to your country of residence, lifestyle, occupation or travel obligations after the Start Date; your premium will remain the same for the whole policy term.
How are my premiums collected?
Premiums for a My Term Assurance policy must be paid by credit or debit card. Unisure can accept payments from any Visa, Mastercard or American Express card. Premiums can be settled on a monthly, quarterly, semi-annual or annual basis.
What happens if I miss a premium payment?
Unisure’s My Term Assurance policy allows a generous 90-day grace period after the premium due date to allow customers to overcome short-term difficulties they may be having with making their premium payments. If you have not paid the premium due within this grace period, Unisure will terminate your policy.
What is the underwriting process?
The underwriting process is a method used to assess your risk based on the answers you give on your application and any additional evidence which may be requested, to conclude whether or not to approve, decline, or offer non-standard terms on a life assurance policy.
Why do I need to disclose my income on the application?
Your medical history is not the only parameter Unisure uses to evaluate an application for life assurance. The Insurable Interest also needs to be considered and in the case of family protection, this would be an estimate of what the financial loss to your family would be if you were to die prematurely. This is normally measured against your income to ensure a reasonable multiple (10 or 20 times) has been used.
Why do you ask about my family history?
Unisure’s underwriters specialise in assessing mortality risk. Unfortunately, some diseases, such as cancer, cardiovascular, diabetes, or stroke found in parents can increase the likelihood of you developing the same conditions. You may not be denied cover if this is the only risk you pose. Unisure may ask you some additional questions or require some medical tests and they may offer you cover at a higher premium depending on the severity of the condition noted.
How long does it take to get my policy?
Most Unisure My Term Assurance applications are approved instantly, and the policy will be issued and emailed to you within a few minutes of you making payment.
Some applicants may take a little longer if a disclosure has been made with respect to medical history, family history, travel to any high-risk locations, high risk occupations or pastimes. Unisure might ask you some additional questions to understand these disclosures better or may request some medical evidence to help assess identified risks. If this happens, we will assist you with this process.
If I am required to have a medical examination or tests, who pays for these?
Unisure will reimburse you for the cost of any medical examination or test they request. Please note this does not include any Private Medical Attendants Report, about a specific condition or general medical history, which may be requested.
What if my application is declined?
It is really important you disclose everything you know when completing your application so Unisure can fully understand your circumstances and assess your application as accurately as possible.
If your application is declined, Unisure will explain the reasons why in a letter of declination. In most cases, Unisure will define the circumstances under which they would consider another application from you in the future as there may be health or lifestyle issues you could address in the interim.
Why is the premium higher for smokers than non-smokers?
Smokers represent considerably higher risk to insurance companies than non-smokers which is reflected in higher premiums.
If I stop smoking today, can I pay non-smoker rates?
To be considered a non-smoker, you must not have used any form of tobacco or any nicotine-based products within the last 12 months. Tobacco/nicotine-based products include cigarettes, cigars, pipe tobacco, shisha, chewing tobacco, nicotine patches, nicotine gum, and electronic cigarettes.
If you do quit smoking and fully abstain from any form of tobacco or any nicotine-based products for more than 1 year, Unisure will review your policy and could offer you improved terms on the understanding that if you resume smoking, your policy would revert to the original terms.
How does one submit a claim?
In the event of your death, your beneficiaries or the executor of your estate will have to submit a completed death claim form. They will also need to supply certified copies of the official Death Certificate, your current passport, the original Policy Document and Schedule. Unisure may also require a detailed Medical Report as well as other documents depending on the circumstances.