RISK TERMS YOU SHOULD KNOW

Life event

Our death cover benefit allows you to change your cover option once a year and within 3 months of a life event. The following are defined as life events:

• Marriage

• The birth of a child

• Promotion

• Divorce

• The death of a spouse

• A member whose contract of employment changes from being permanent and in full-time service of the employer to an employee employed on a fixed-term contract or vice versa, may change his/her death cover option on the date of the employment contract change.

Present the applicable supporting documents (e.g. marriage or birth certificate) together with the Life events that require a change in insured death and disability income benefits option form and you may increase (or decrease) the level of your death benefit cover and it will take effect from the 1st of the month following confirmation of the life event.  Confirmation of the “life event” must be presented within 3 months of the event. If not, principles as listed under the annual change will apply.

Conversion Option

Please note that the cover provided by all your group insured options will cease when you terminate employment, however, in most instances there is a conversion option which allows you to convert the cover into individual insurance. You will have 90 days from your exit from employment to take up the conversion option without needing to undergo any medicals. The insurer will calculate the premium that is payable based on your personal circumstances. Under the various risk options below, we will simply inform you if the conversion option applies without repeating this explanation.