Possible Questions to expect from younger generations about Group Life Insurance Policy

 

The Young generation has no clue on how this Group Life Insurance works, even though they might understand the definition and all that, they still need to clarify the unanswered questions in their heads. 

 

Below are some questions that I think younger generation like myself would be wanting to ask to further understand this Life Insurance Policy.

Q1. What is the meaning of 'Premium Sum' paid during enrollment for life insurance ?

Q2. For how long will a Policy holder pay this Premium Sum?

Q3. Will the Policy holder (or insured) pay this Premium Sum monthly?

Q4. What happens when the Policy holder fails to renew his/her Premium Sum?

Q5. How can the Insurance company know or detect that the insured (policy holder) has passed on?

Q6. What does slot means in Insurance?

Q7. What is the actual assured sum received by the beneficiary, assuming the insured paid premium for 1 slot?

Q8.  Is it possible for an insurance company to crash?

Q9. Who benefits more in Insurance Policy, is it the Insured or the insurance company?

Q10. What are the Enrollment period for Life Insurance? 

As part of the younger generation, I jot down all the spinning questions marks in my head and guess what ??... There's answers for you to all the above questions.

I believe you might have one or more question too, don't fail to ask. Asking questions is what make us learn faster. Try it! 

Find the answers below:

A1. Premium is the amount paid periodically(most times, yearly) to the insurance  company,  to validate the insurance coverage.

A2. Just like data or other subscriptions, once it's expired, you're at will to continue or not.
So, for the duration of the term agreed upon.


A3. The policy holder will pay the premium sum yearly

A4. Simple, using data and other subscriptions as an example again, he/she will no longer have access to the service.

A5. Info lèèyàn fin fo [Layi]. They have to be notified.

A6. Slot is the category to which a particular insurance policy holder belongs to which will determine the premium sum paid, coverage and benefits.

A7. #1,000,000 (the sum of 1 million naira will be given to the beneficiary upon death of the insured)

A8. Yes😂, but it's very unlikely to happen

A9. Both parties benefits from the insurance policy

A10. March and September is the enrollment period for Group Life Insurance Policy for FGCIDALUMNI.

I hope you enjoyed reading this content 😊