As a long-term insurance policyholder, you have the right to the following information:
- The intermediary (insurance broker or representative) dealing with you must at the earliest reasonable opportunity disclose:
A) Intermediary details and brokerage details.
B) Legal capacity.
C) Concise details of relevant experience.
D) Insurance products that may be sold.
E) Insurers whose products may be marketed.
F) Indemnity cover held.
G) Shareholdings in insurers if 10% or more.
H) Percentage of commission received from the various companies if in excess of 30%.
- Your right to know the impact of the decision you elect to make:
A) The intermediary or insurer dealing with you must inform you of:
B) If the benefits are linked to the performance of certain assets:
- The premium you may be paying
- The nature and extent of the benefits you may receive
C) The possible impact of this purchase on your finances.
- How much of the premium will go towards the benefit
- To what portfolio will your benefits be linked
D) The possible impact of this purchase on your other policies (affordability).
E) The possible impact of this purchase on your investment portfolio (affordability).
F) The flexibility of changes you make to the proposed contract.
G) The contract terms of the product you intend to purchase (it’s very important that you are quite sure that the product or transaction suits your needs and that you feel you have all the information you need to make a decision).