Frequently Asked Questions
General Information
Q1. What is life insurance?
Answer: Life insurance is a contract between you and an insurance company where, in exchange for regular premium payments, the company provides a lump-sum payment, known as a death benefit, to your beneficiaries after your passing.
Q2. Why do I need life insurance?
Answer: Life insurance provides financial security to your loved ones in the event of your passing. It can help cover expenses like debts and living expenses, ensuring that your family is taken care of.
Q3. What types of life insurance do you offer?
Answer: We offer various types of life insurance, including term life and universal life insurance. Each type has different features, benefits, and costs to suit your needs.
Q4. How do I choose the right life insurance policy?
Answer: Choosing the right policy depends on factors like your age, health, financial goals, and family needs. Our team of financial advisors can help you assess your situation and recommend a policy that fits your requirements.
Policy Details
Q5. What is a term life insurance policy?
Answer: Term life insurance provides coverage for a specified period, such as 1 year or more. If you pass away during this term, your beneficiaries receive the death benefit. If you outlive the term, the policy expires without any payout.
Q6. Can I customize my life insurance policy?
Answer: Yes, many life insurance policies offer riders or add-ons that allow you to customize coverage to meet specific needs, such as accidental death, critical illness, or disability income.
Q7. What happens if I miss a premium payment?
Answer: If you miss a premium payment, there may be a grace period during which you can make the payment without losing coverage. If the payment is not made within this period, the policy may lapse.
Q8. How do I choose the right life insurance policy?
Answer: Consider factors such as your financial needs, budget, long-term goals, and the specific features of different policies. Consulting with a financial advisor or insurance agent can help you select the policy that best fits your situation.
Claims and Benefits
Q9. How do I file a claim?
Answer: To file a claim, your beneficiaries need to contact us directly and provide necessary documents such as the death certificate and policy details. Our claims team will guide them through the process.
Q10. How long does it take to receive the death benefit?
Answer: Once all required documents are submitted and the claim is approved, the death benefit is usually paid out within a few weeks. The exact timing may vary depending on the complexity of the claim.
Q11. Are life insurance proceeds taxable?
Answer: In most cases, life insurance death benefits are not subject to federal income tax. However, certain situations may affect taxability, so it’s advisable to consult with a tax professional.
Policy Management
Q12. Can I change my beneficiaries?
Answer: Yes, you can change your beneficiaries at any time by submitting a beneficiary change form. It’s important to keep this information up-to-date to ensure your benefits go to the right people.
Q13. How can I check the status of my policy?
Answer: You may check your policy status by logging into the Client Portal or by contacting our Call Centre at 021-111-225-275. Alternatively, you may also email us at info@askarilife.com.
Q14. Can I borrow against my life insurance policy?
Answer: If you have a permanent life insurance policy with a cash value component, you may be able to borrow against the cash value. Keep in mind that loans accrue interest and can reduce the death benefit if not repaid.
Q15. How do I update my contact information?
Answer: You may request an update to your contact information by logging into the Client Portal or by contacting our Call Centre at 021-111-225-275. Alternatively, you may also email us at info@askarilife.com.
Additional Support
Q16. Do you offer financial planning services?
Answer: Yes, we offer comprehensive financial planning services to help you achieve your long-term financial goals. Our advisors can assist with retirement planning, investment strategies, and more.
Q17. How do I contact customer service?
Answer: You can contact our customer service team via phone, email, or live chat on our website. Our contact details are mentioned on the website.
Q18. What should I do if I lost my policy documents?
Answer: If you lost your policy documents, contact our customer service team. They can advise you the procedure for getting a duplicate copy of the policy documents.
Q19. How do I cancel my life insurance policy?
Answer: To cancel your life insurance policy, you’ll need to submit a written request to our office. We recommend speaking with one of our advisors before canceling to understand any potential consequences.
Q20. Can I reinstate a lapsed policy?
Answer: Depending on the terms of your policy, you may be able to reinstate a lapsed policy by paying overdue premiums and possibly providing proof of insurability. Contact us for specific details on reinstating your policy.