Understanding Accident Death Coverage Before a Life Insurance Policy Starts
Learn about potential life insurance coverage for accidental death in Singapore between application and policy start.
What the Life Insurance Association Singapore Explains
The Life Insurance Association Singapore (LIA) provides information on life insurance products offered to retail customers by life insurance companies in Singapore. This project is a collaboration by the Consumers Association of Singapore (CASE), the Monetary Authority of Singapore (MAS), the Life Insurance Association Singapore (LIA) and MoneySENSE.
Potential Coverage for Accidental Death Before a Policy Starts
According to LIA’s explanation, insurance coverage may apply in the event of your death caused directly and solely by an accident in Singapore between the time when the insurance company receives the completed and signed application form together with full payment for the first premium and the start date of that policy.
This means that if an accident in Singapore directly and solely causes death during that specific period, a life insurance policy may provide protection, subject to the terms of the policy.
Understanding the Timeline
The relevant window begins when the insurance company receives both the completed and signed application form and the full payment for the first premium. It ends when the policy starts. This explanation focuses on accidents occurring within Singapore during that time.