Accidental Death Coverage Before Policy Start: What LIA Says
Learn about potential coverage if you die from an accident in Singapore before your life insurance policy starts, based on LIA's explanation.
Understanding Pre-Policy Accident Coverage
The Life Insurance Association Singapore (LIA) provides information on life insurance products offered to retail customers by life insurance companies in Singapore. This explanation is part of a project by the Consumers Association of Singapore (CASE), the Monetary Authority of Singapore (MAS), LIA, and MoneySENSE.
According to LIA, there may be insurance coverage in the event of your death if it is 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.
Key Points to Note
- The coverage applies specifically to accidents occurring in Singapore.
- The cause of death must be directly and solely due to the accident.
- The timing is critical: coverage begins when the insurer receives the completed, signed application and full first premium payment, and lasts until the policy’s start date.