What is the difference between funeral and life insurance?
Funeral cover will cover the immediate costs of organising a funeral in the event of your death, whereas Life insurance is a benefit that is meant to assist the long-term livelihood of your surviving dependants. It is meant to secure the financial well-being of your loved ones in the event of your death.
What happens to my cover when I die?
Your cover ceases on the day that you pass away. There is an option to keep the policy active for the remaining Participants if an eligible member agrees to continue as the Premium Payer. These provisions will differ between the different products. Please see the Product Benefit Rules for details.
Will my monthly premium increase over the years?
There are no automatic annual increases built into your premium. All premiums are specified and fixed at the start of your policy. Oracle Life can, in unforeseen circumstances, review the price at any time and adequate communication will be provided on the change.
Who can I nominate as my beneficiaries?
You can nominate anyone as your beneficiary.
What or who is the beneficiary?
The beneficiary is who you nominate to receive the benefit in the event of your death. You are also allowed to nominate more than one nominated beneficiaries.
What happens when I can’t pay my policy premiums?
After 2 uncollected premium, your policy will lapse/be cancelled and you will need to negotiate with us to reinstate your cover.
Am I able to structure a benefit to make continuous monthly payments instead of lump sum?
This option is not available with us at the moment.
How long does it take for a claim to be paid?
All Funeral Claims are paid within 48 hours of receiving all the required information.
Who can be covered on your funeral products?
Our products will cover the main member, their spouse and children, extended family members, parents and parents-in-law, as well as grandparents and grandparents-in-law, as long as all the above Participants meet the eligibility requirements. Please see the product or benefit rules for details.
Are there any age limits on the funeral products?
Yes, every main member must be over the age of 18 and under the age of 65 or 70, age next birthday, depending on the specific product. Likewise, the maximum entry age for extended family members is also 65 or 70 depending on the specific product. The maximum entry age is 80 or 85 for parents, parents-in-law, grandparents and grandparents-in-law. Please see the specific benefit rules for details.
Will I have to complete an HIV test for funeral cover?
No HIV test is required for our Funeral products.
How is my funeral premium calculated?
The Oracle Funeral Product, your premium is calculated based on a formula that takes into account your age and gender.
The FNB Funeral product and Eswatini Bank’s Lungisa have fixed pricing per member per month, which means that there is a fixed premium for each type of cover required (Member only cover, Family cover, Additional cover for an Extended Family Member, etc) as long as you qualify for the cover as per the age restrictions and membership qualification criteria.
Are there waiting periods for funeral cover?
There are waiting periods on all our funeral products, between 6 months and 12 months. Please see the terms and conditions page on the product you are purchasing.
Can I increase my funeral cover at another time?
Yes you can. A waiting period will apply as defined in the benefit rules only for the additional cover taken.
Can I take funeral cover for another person?
For all our funeral products, the premium payer must be the main policy member. You can add all the people defined as Participants to your policy. More details are on the Terms and Conditions page of each product.
If I am disabled can I get funeral cover?
Once cover commences, it will continue until the first occurrence of the following events:
How long does a life cover claim take?
The full (non-early payment portion) payment of a life cover benefit will be paid no later than 30 days from the receipt of all required documentation.
How often should I review my life insurance needs?
At any major life event/changes, according to your needs. Some examples include:
If you were recently married or divorced
If you have a new-born or newly adopted child or grandchild
If you have a spouse whose health has deteriorated
If you provide care or financial help to a child or parent
If you want to ensure that financial resources are available to provide assistance or long-term care for a loved one
If you have recently purchased a new home
If you have children or grandchildren who are about to enter school or college
If you have a spouse who has retired or will retire early
If you have a spouse who has been promoted recently
If you have refinanced your bond in the past six months
If you have a spouse who has received an inheritance
If you have started a business
Otherwise it’s generally advisable to review it annually.
Will life cover always pay the benefit?
Retail life policies will always pay a benefit in the event of a valid claim, unless the policy is cancelled or lapsed.
If I am young and healthy, do I need life insurance?
Everyone who has a present or future dependent needs life insurance. Also, anyone who has any financial debt (bank loans) also needs adequate life cover, so that your dependants are not left financially burdened in the event of your death. Experience and studies have shown us that death occurs both amongst the young and the old, and amongst people of all different lifestyles.
I have life cover through my employer, is that enough? How do I know when I have sufficient Cover?
A financial adviser is best placed to look into your personal circumstances and determine how much life cover you require. However please note that Employer policies fall away as soon as you leave the employ of your Employer – whether via retirement, resignation, dismissal, etc whereas retail life policies do not. Retail life policies cover your whole life, until a claim. Retail policies can also be ceded to financial institutions, whereas Employer policies cannot.