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

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

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.

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

2 / 10

What is Life Cover?

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.

The cover pays out for your funeral expenses only.

3 / 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.

4 / 10

What is lump sum servere illness cover?

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.

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.

5 / 10

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

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.

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

6 / 10

Do I need to go undergo any medicals or answer any medical questions when taking out life cover?

Yes, you will be required to go to a lab and do blood tests to prove you are healthy and send it to us before you can sign up. Please note these costs are for your own account.

No, this will be done at the time of a claim.

No, medicals don't prove anything and therefore there is no reason to go through this.

Generally insurers will request that you go for certain blood test and answer medical questionnaires so they can assess you health up front before you take out a policy. These are routine tests and the insurer will pay for these tests.

7 / 10

I have life cover of R500 000 and I have been diagnosed with stage 4 cancer and I have 3 months to live. Is there anyway I can get my life cover money paid to me before I die to settle my debt?

No, life cover does not cover you for any servere illness and will therefore not pay.

No, life cover only pays if you die.

Yes some insurers may consider paying you out if you have less than 12 months to live. Once the payment is made, your life cover will end.

8 / 10

Why do insurers want to know if I am a smoker or not when taking out life cover?

Non-smokers receive lower premiums in comparison to smokers, as smokers are considered a higher risk.

Whether you are a smoker or non-smoker it doesn’t make a difference to your cover or premium.

Insurers only want to insure people who are healthy and look after themselves.

9 / 10

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

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

10 / 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?

Yes, as long as the two illnesses are not related you will 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.

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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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