is aimed at protecting the insured person, their family, estate or creditors in the event of death or loss of income due to disability or illness, whereas short term insurance provides protection against the loss or damage to your property, such as your motor vehicle or home.is normally taken to provide protection to a creditor and your estate when you take a loan from a creditor.
Depending on the relevant policy terms and conditions, the insurer may reinstate a lapsed policy provided that the applicable conditions of cover have not changed. The insurer may request that you pay all the arrear premiums and complete a health declaration in order to consider the reinstatement.Policies can be taken out for a certain term, for one’s whole of life or for the term of the loan, depending on the product offering.
This article is intended to provide general information of an educational nature only and does not provide Financial Advice. Should you have a complaint against your insurer, you should first contact your insurer to try and resolve the problem. If the problem is not resolved, you may submit a complaint to the Ombudsman, who will be able to provide you with free, efficient and fair dispute resolution.
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