Accidental Death Coverage Between Application and Policy Start in Singapore
Understand the accidental death coverage that may apply before a life insurance policy starts in Singapore, per LIA's explanation.
When Does Accidental Death Coverage Begin?
According to the Life Insurance Association Singapore (LIA), there may be coverage in the event of your death caused directly and solely by an accident in Singapore. This coverage applies during the period 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.
What This Means for You
This interim coverage is provided by the life insurance company once you have submitted a completed and signed application form and paid the first premium in full. It is important to note that the death must be caused directly and solely by an accident, and the accident must occur in Singapore.
Background and Sources
The Life Insurance Association Singapore 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.