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

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

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.

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

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

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

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

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

Yes, at this age the benefit will pay out.

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.

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 illness such as - heart attack, strokes, cancers and loss of leg, arm or eyes.

Servere illness cover protects you against corona virus, since the virus is deadly specific cover can be taken out for this disease.

5 / 10

With death cover, is there a waiting period for suicide?

Yes, 60 months waiting period.

Yes, 24 months waiting period.

Yes, 12 months waiting period.

No, if you die from suicide you will still be covered at any time.

6 / 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 will match your current monthly salary.

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.

7 / 10

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

Yes, most insurers now offer critical and servere illness cover on their own, like cancer, heart attack, stroke, etc. covers.

No, servere illness cover will cover cancer and other servere illnesses, you need to take servere illness cover.

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

8 / 10

What is Life Cover?

The cover pays out for your funeral expenses only.

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

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

9 / 10

Why is Life Cover important to have?

You want to ensure that your family is not left with all your debt and life cover is meant to pay off all your debts.

It ensure that your family is taken care of when I die and it will also assist to pay off any outstanding debts or tertiary/school fees and provide monies for my loved ones.

You want to ensure that your family is able to provide you with a nice funeral and can also pay for you to have a decent tombstone once you die.

10 / 10

What is the general purpose of lump sum disability cover?

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 to pay friends and family for looking after me while I am disabled.

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.

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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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