Maintaining Your 1lifedirect Life Insurance Policy

So you have finally done the right thing and purchased a 1Lifedirect life insurance policy. Remember that like most things in life your life insurance policy document needs maintenance and care. This is what you need to know.

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You need to inform 1Lifedirect if you:
Change your occupation
Start smoking
Take up any hazardous sports for example scuba diving, rock climbing, hang-gliding, fighting etc
Change your address
Fall seriously ill
Leave the country for more than two months. Note that if you plan to live in another country for longer than 2 months you need to inform 1Lifedirect before you leave as we cannot guarantee that we will be able to continue to cover you during this time. 1Lifedirect reserves the right to reject or reduce any claim if they were not informed of your travels.

Your insurance premiums
Make sure your premiums are paid regularly and on time. Your insurance premiums have to be paid within 30 days of their normal deduction date. If they are not paid within this time your life insurance cover will be suspended. If we are not able to collect those premiums that are in arrears the policy will be cancelled.

Premium increases
Remember to budget for your annual premium increases of 5%. Note that your premiums will not increase for the first two years of cover.

Policy reviews
It is critical that you review your life cover amount as your life changes. Any number of lifestyle changes will impact the amount of life cover your family will need in the event of your death. These changes could include:

Marriage or divorce
The birth or adoption of a baby
The purchase of a new house
A death in the family
An increase in education costs - for example a child that is going to university or a child who needs specialized education

1Lifedirects 1Life Elevated option includes a Guaranteed Assurability benefit that allows you to increase you cover amount as your lifestyle changes without the need for a medical, other than a new HIV test.

Disablement cover and Dread Disease cover
As a 1Lifedirect life insurance policy holder you also have the option of adding disablement cover and dread disease cover to your life insurance policy. These benefits will pay out if you are ever declared medically unfit to work or fall seriously ill.