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Frequently Asked Questions

Life Insurance

What is Life Insurance?
Life Insurance is a contract between you and a Life Insurance Company, which provides your beneficiary with a pre-determined amount in the event of your death during the contract term.
Are there any age restrictions when taking out cover?
You must be between the ages of 18 and 70 to apply for life insurance with Atlas Life. For Term policies, the entry age plus term chosen cannot exceed age 80 next Birthday.
Why is Life Insurance important?
The primary purpose of life insurance is the protection of your family in the event of your death. When you insure your life, in effect you are insuring your earning capacity. This guarantees that your dependants will be able to continue living without financial hardships even in the case of your death.
Do you need Life Insurance?
If you have dependents and financial responsibilities towards them then you certainly need to purchase Life Insurance. Having a family means dependants, which, in turn means financial commitments such as a mortgage, loans, medical expenses and children’s education fees.
How much will it cost?
In order to buy Life Insurance you must pay premiums to the Life Insurance Company. The amount of the premium payable depends on where you are resident, the term of the policy, the level of cover, your age and your health. You can pay these premiums monthly, quarterly or annually by bank transfer or credit/debit card. Always make sure you pay the premium direct to the Life Insurance Company and not to the intermediary.
How much Life Insurance do I need?
One of the simplest rules is to assume that the Life Insurance is a replacement for your lost earning capacity. Insurance experts suggest that you should purchase between eight and twelve times your current annual income. Your Professional Intermediary will be able to guide you on this.
Are there advantages to buying Life Insurance at an early age?
The premium that you pay for your Insurance policy is mainly dependent upon two things – your age and the length of the policy. The younger you are the more physically sound you are as a person and consequently the premium amounts required will be lower. If you are young and you have dependents then it makes sense to purchase Life Insurance immediately.
I already have Life Insurance through my employment contract. Do I need additional Life Insurance?
In many instances the cover provided by your employer is not sufficient for your needs. You should always check the amount of cover that you have as it may be less than you think. You should also check whether or not your insurance could be continued if you were to change employers in the future. If you are unsure of the amount of cover you have via your employer you should ask your HR Department to confirm or speak to your financial adviser.
I am self-employed. Why do I need Life Insurance?
If you are self-employed you will often face more instances where you need Life Insurance than if you were directly employed. It is likely that you may have personal guarantees, bank loans or business partners as well as dependants to consider and it is therefore vital that you check out how much cover you have in place.
Who owns my policy?
You can choose who the policy owner is (this is the person the death benefit is paid to in the event of a claim). The policy owner would normally be you however you may be setting up the cover to protect a business partner. In addition for estate planning purposes and to avoid the issues of probate many people choose to put the policy in Trust. This means that the Trustees own the policy on your behalf and, in the event of a claim, they will distribute the sum assured to your beneficiaries in accordance with your wishes.
Who can take out a policy on my life?
Only someone who has an ‘insurable interest’ can purchase an insurance policy on your life. People with an insurance interest generally include members of your immediately family or a business partner. This means that a stranger cannot buy a policy to insure your life.
Must my beneficiary have an insurable interest?
No – if you buy a policy on your own life then you become the owner of the policy. As the owner, you can name anyone as a beneficiary, even a stranger!
Can I purchase a Life Insurance policy via my Family Trust?
Yes – it is a fairly simple process to purchase Life Insurance through a Family Trust or Corporate structure. The owner of the policy will be the Trust and you will be included as the Life(s) Assured. In the event of a claim, the death benefit will be paid to the Trust and the Trustees will disburse the proceeds to your beneficiaries in accordance with your Letter of Wishes. You should ask your Professional Intermediary for more information.
What are my payment options?
The most common options are paying by bank transfer or credit/debit card via our website – www.atlas-life.com – and you can choose to pay Annually , Quarterly or Monthly. Ask your financial adviser for details.
What happens if I stop paying premiums?
You need to maintain your premium payments for your cover to remain in place. If you stop paying premiums your cover will cease and no money will be refunded to you. If you ever need to change your payment details (eg you change your credit/debit card, just contact us and we will adjust our records accordingly.
What type of questions will Atlas Life ask me in order to assess my application?
We will need to ask you some questions on the application form about your age, health, lifestyle, occupation and family medical history to determine the cost of your cover. It is important that you disclose all relevant medical information that you are aware of. The ‘underwriter’ (the person who assesses your application) may then request further information from your Doctor which may mean you have to undertake a Medical Examination (the cost of the medical is covered by Atlas Life).
What about companies who advertise ‘no physical examination required?
The insurance is normally more expensive than if the insurance company asks for a medical examination. The maximum level of cover is also limited and therefore is not likely to meet your financial planning requirements. This type of cover is normally only available on an ‘annually renewable’ basis and therefore you should expect to receive changes to the policy terms and conditions at each renewal date as well as a premium increase.
I quit smoking nine months ago. Do I need to disclose this to you?
Yes – if you have smoked tobacco or any other substance in the last 12 months, then you do need to tell us when you apply for the insurance. Smoker premiums are higher than those of non-smokers.
Can I increase my level of cover?
Once your policy is in force you can apply to increase your cover at any time. Your application will be subject to our normal assessment process and eligibility criteria.
Am I covered immediately?
Yes – Your cover begins on the day we accept your application for cover and have received the first premium. The policy ’commencement date‘ will appear on your policy schedule.
What happens if I change my mind?
If you decide you do not want the policy you can cancel it within 14 days of receiving your policy documents – this is known as the ‘cooling off’ period. A signed letter confirming the cancellation is all that is required. Any premium paid during the ‘cooling off’ period will be fully refunded to you.
How safe is my investment with Atlas Life?
Atlas Life is regulated by  Seychelles Financial Services Authority as a long term life insurance company. Atlas Life do not offer investment products and do not invest policyholder funds. All policies are reinsured 100% with two of the largest reinsurers in the world, namely Swiss re and Reinsurance Group of America both of whom are rated AA- by Standard & Poor’s and who have superior claims paying ability.
Does my policy have a surrender value?
No – the Atlas Life insurance policy is not an investment product and is only designed to pay a lump sum benefit in the event of death. If you cancel the policy at any time other than during the ‘cooling off’ period you will not get any money back.
What information do I receive when I buy Life Insurance from Atlas Life?
Once your policy has been set up we will send you an official policy document. You can also receive an electronic copy of the policy document should you prefer.
What happens if I have a complaint?
We have an internal complaints process and we will  formally respond to your complaint with 21 days. In the event that we are unable to resolve a complaint then policyholders may contact the Insurance Regulator in the Seychelles:

 

The Insurance Regulator 
Seychelles Financial Services Authority
PO Box 911
Bois de Rose Avenue
Roche Caiman
Victoria
MAHE
Seychelles
Tel: (248) 438 0800
Fax:(248) 438 0888
www.fsaseychelles.sc

How do I make a claim?
We want to make our claims process as easy as possible. If your estate needs to make a claim they should contact your financial adviser or call us immediately after an insured event has occurred. We will send you the relevant forms to be completed, signed and returned. In assessing your claim we rely on the information disclosed as part of your application.
When does my cover end?
Your cover will cease when you inform us in writing, you cease paying premiums, or the policy expires.
What happens if I don’t die - does that mean I have wasted my money?
Compare life insurance to car insurance where you are buying peace of mind knowing that if you have a car accident you are covered. Likewise you are buying peace of mind with life insurance knowing that if you die during the term of the policy, Atlas Life will pay your estate/beneficiaries.