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

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

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

2 / 10

I bought a house last month, the bank has advised that I need to have life cover which is the same amount as my bond amount but I don’t understand why I need this cover?

Banks want you to take cover to force you to become more responsible now that you have bought a house.

Banks want you to use your money more wisely, so they provide suggestions of what you can do to have a more secure future.

When a bank gives you a loan to buy a house they insist on you taking out life cover as surety for the asset. Should you die, the monies paid from the death cover will settle your bond and the house will not be re-possessed by the bank.

3 / 10

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

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.

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.

4 / 10

What is lump sum servere illness cover?

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.

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

5 / 10

What is Life Cover?

The cover pays out for your funeral expenses only.

It is cover that you have which will pay off all your debt for you.

It is a lump sum amount that will be paid to your beneficiary at the time of your death.

6 / 10

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

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.

Yes, this is completely convenient and makes logical sense.

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

7 / 10

Will my life cover automatically cancel when I reach my retirement age?

If you opted for cover until retirement age, once you reach this age, the cover will end. If you opted for benefits for the whole of your life then the cover will continue until you die.

Yes, at this age you will no longer require life cover.

Yes, at this age the benefit will pay out.

8 / 10

What will happen if I stop paying for my life cover premium?

When you die, your family will be paid out the amount of all the premiums that you have paid.

Non payment of premiums will mean your policy lapses, all premiums already paid will be forfeited and cover will end immediately.

The lump sum amount which you were supposed to receive will decrease every month by the premium amount which you haven't paid.

9 / 10

What is the general purpose of lump sum disability cover?

This cover is taken to pay friends and family for looking after me while I am disabled.

This cover is taken out to prevent me from paying medical bills through my medical aid. The medical bills will be paid by my insurer using my disability cover.

This cover is taken out to assist you in the event of you becoming disabled and you cannot earn an income. You can use the lumpsum to for example - pay off your debts, re-do your home to accommodate your disability, supplement your loss of income.

10 / 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 is usually limited to 75% of your current salary.

No, you only get lump sum benefits.

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

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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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