Frequently Asked Questions
What is Life Insurance?
A contractual agreement between you and a Long-Term Insurer to pay out a lump sum to a nominated beneficiary in the event of your death.
Do I need Life Insurance?
Yes! It allows you to alleviate any financial difficulties in the event of your death as well as providing for your loved ones long after you’re gone.
Am I eligible for Life insurance?
Anyone between the ages of 18 and 65 are eligible for Life Insurance.
How much Life insurance is enough?
Each individual case is different depending on income, expenses, debt and dependents. 10 times your yearly income is good rule of thumb.
What is a beneficiary?
A beneficiary is the person who receives the pay out in the event of your death.
How do I choose a beneficiary?
The policyholder uses their discretion when deciding on the beneficiary. The beneficiary will be responsible of using the payout for what the policyholder intended.
What happens if I am unable to afford my premium?
In the event that you do not pay your premium, depending on the contract, the policy may lapse. It is advisable to speak to a consultant and make alternate arrangements.
How is my life insurance premium calculated?
Premiums are calculated using several factors to determine your risk profile namely-age, gender, health and lifestyle.
How do I get a quote or buy a policy?
Stangen has made getting Life insurance not only easy but convenient. The whole process can be done online.
Can I manage my policy online?
Stangen has built a system where all your policy needs can be accessed and managed online.
What else other than life insurance does Stangen offer?
Stangen offers a wide range of products other than Life Cover like Salary Protection, Disability Cover and Critical Illness Cover.
How does someone claim?
An individual acting on the behalf of the policyholder, provides the applicable documentation and the claim will be processed. You can rest assured that all claims will be handled in a professional manner with sympathy and respect during your loved ones’ difficult time. Claim documents should be emailed to email@example.com.
Can I combine products?
Yes a variety of products can be simultaneously bought, or added using your online account.
When will the policy cover begin?
Cover commences once the policy has been approved and the first premium has been collected.
Am I able to increase my cover?
Yes, you can increase the amount of cover at any time, pending approval.
How do I change or add a beneficiary?
Making amendments to your policy can be done by logging into your online account.
Who are our partners?
In order to complete the administration of your policy, we need to store, process and share your personal information with the holding company, subsidiaries, affiliates and our partners who include but are not limited to our Medical Testing partners, Re-insurers and Underwriters.
If I take out a policy with Stangen will I be covered for coronavirus?
Yes, there are three main products that Stangen offers which will cover any coronavirus-related claim event:
- Life Cover
- Funeral Cover
- Salary Protection Cover