1. How many days grace do you have after a life insurance premium debit order bounces before your life cover lapses?

14 days

30 days

15 days

3 months

2. When you die your policy benefits:

Will only be paid to your estate

Can be paid to your nominated beneficiaries or to your estate

Will only be paid to the executor of your estate

Will only be paid to your heirs named in your will

3. Which is true? If the benefit on your life policy escalates each year and your premiums are age-rated, the premiums …

Will increase by the same percentage.

Are likely to increase by a higher percentage.

Will only increase after the guarantee period.

Will only increase if the benefit increases by more than the inflation rate.

4. Which statement is true: Policies with limited underwriting …

Are those for which insurers can limit the funding they need to set aside for benefits they may have to pay.

Are cheaper because the insurer doesn’t ask too many questions or pay for you to have tests.

Will typically exclude cover for death from pre-existing conditions.

Only insure you for small amounts.

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Insuring your life

What is long-term insurance?

What is life cover?

Do I need life cover?

Whose life can be insured against death and disability?

Does a life policy have a value that should be paid to me when I cancel it?

How much life cover do I need?

Why is it important to name beneficiaries on a life policy?

Who can claim on a life policy?

If I am a beneficiary of a life policy will I be taxed?

Are life and disability policies really for life?

What does it mean if cover is fully or partially underwritten?

What does it cost to insure your life against death, disability or severe illness?

What does it mean if my cover is accelerated or stand alone?

Will my policy benefits keep up with inflation?

How will my premiums increase?

What are the common exclusions on life, disability and funeral policies?

How do I buy life, disability and severe illness cover?

What happens if you skip a payment on a life, disability or severe illness policy?

When should I review the life, disability and severe illness cover I have in place?

Why is it important to be honest when applying for life, disability, severe illness or funeral cover?

For how long can I still claim unpaid benefits from a life policy or investment?

Test your knowledge on life insurance with our quiz

Test your knowledge on life insurance with our quiz

Test your knowledge on life insurance with our quiz