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Quick Claim Life Insurance
Why the A-surance Insurance QuickClaim Product?
Did you know that after you pass away, your bank accounts are frozen until an Executor is appointed to handle your estate?
Your dependents and spouse (if married in Community of Property) cannot use your bank accounts for daily expenses until the Executor is appointed by the Master of the High Court and your Estate is settled. The Executor might permit interim advances to your surviving spouse and dependents, but it could take up to three months or longer.
This is a tough time for families. Suppose you are the breadwinner and something happens to you. In that case, your dependents will need access to the money in your accounts for immediate expenses like household bills, daily expenses, food, car payments, school fees, and more.
If they can’t access your bank account, where will they get the money for daily expenses until the Estate is settled?
Our QuickClaim Policy provides a payout ranging from R50,000 to R1,000,000 to the beneficiary you have chosen. This payout can be used for the immediate needs and expenses of your dependents and will be given within two business days after receiving the death certificate and all necessary claims documentation to verify a valid claim.
Life Cover can provide financial support for specific needs in the event of your death, but it may not be immediately available for the daily living expenses of your loved ones.
It is important to consider a policy like QuickClaim, which can cover immediate living expenses.
The QuickClaim Policy will give the beneficiary named in the policy schedule access to the money required within two working days of receiving all claim documents supporting a valid claim. This will allow them to pay for immediate expenses during this difficult time.
Appointment of Executor
If someone passes away, the appointed Executor of their Will must send the original will to the Master of the High Court after reporting the death. The Master will then formally appoint the Executor.
If you have a valid Will, it can take anywhere from 3 weeks to 3 months (or even longer) for the Master of the High Court to formally appoint Executor. However, if there is no Will, your assets will be distributed according to the Intestate Succession Act, which can take much longer, sometimes even years. During this period, dependents will not have access to the deceased person’s funds.
It is crucial to consider the QuickClaim Policy as it allows your beneficiary and dependents to obtain cash during a difficult time.
Planning ahead
Some people may not enjoy discussing end-of-life matters, it is vital to prepare ahead of time. In the event of your passing, your bank accounts will be frozen, making it challenging to cover everyday expenses like groceries, bills, petrol, domestic help, and others that you usually take for granted. Similarly, there are several costs associated with a death, such as funeral expenses, caskets, headstones, hearses, and more, which may result in financial strain.
The A-surance Insurance QuickClaim Policy covers immediate expenses so your loved ones won’t have to bear the burden of these expenses when your bank accounts are frozen. This will help them avoid borrowing money or paying out of pocket for these expenses during a difficult time.
Families are often distressed by all of these expenses, not only dealing with the loss of a loved one but also experiencing the shame of not having funds for these daily expenses and having to borrow money. Give them the necessary resources to cover your daily expenses without causing them any inconvenience. The A-surance Insurance QuickClaim Policy can meet this requirement and pay for the expenses.
The A-surance Insurance QuickClaim Policy has the following benefits:
- No medical or blood tests are required, but applicants must answer 11 underwriting questions.
- Whole of Life Policy, providing coverage for the entire lifetime as long as premiums are paid.
- Option to nominate a beneficiary who will receive the assured sum upon the policyholder’s death.
- Joint Policy available, covering two lives under one policy, with continuation for the surviving individual after the other’s death.
- Coverage up to R1,000,000.
- If declined due to medical questionnaire outcome, still eligible for up to R100,000 worth of cover at standard rates.
- Easy application process with assistance in handling paperwork.
- Possibility to increase cover at any stage, as long as it remains below the maximum and the policyholder is under 60 years of age.
- Fast payout within two working days of receiving the death certificate and all valid claim documentation.
- Payment of benefits:
- Accidental Death Claim: Full Sum Assured paid within two working days if the policy is active and premiums are up to date.
- Death due to Natural Causes: Gradual benefit levels over time, starting from 0% in the first 3 months, 50% from 3 months to 6 months, 80% from 6 months to 12 months, and reaching 100% after 12 months.
According to the Administration of Estates Act, when someone dies, their bank accounts are frozen and eventually closed. Typically, the banks will freeze the accounts as soon as they are notified of the account holder’s death. While deposits can still be made, withdrawals are not permitted.
When the Executor is appointed, they will create a new bank account in the name of the deceased’s Estate. This account will receive all the money from the deceased’s bank accounts (including those of their spouse if they are married in community of property). Once the Master approves the Estate, the Executor can move on to distribute and finalize it. Sometimes, interim distributions can happen, but they typically take several months to occur.
To ensure your loved ones can access cash after you pass away, it’s crucial to provide for them. Consider getting the QuickClaim Policy, which provides your beneficiary with the necessary funds to assist them during this difficult period.
The A-surance Insurance QuickClaim Policy provides a lump sum payment of the Selected Sum Assured to the nominated beneficiary, usually the spouse or dependents, within two working days of receiving the death certificate and all required documents for a valid claim. This payment can be used for immediate or final expenses related to the frozen bank account of the deceased.
This policy is a permanent one that you can maintain for your entire life, as long as you keep paying the premiums. There is no specific term or duration attached to the policy.
You can choose cover for any amount between R50 000 – R1 000 000 cover
Minimum entry age – 18 years old
Maximum entry age – 60 years old
*The acceptance of the policy by OMART is based on the outcome of your answers to the medical questionnaire.
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