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Tengrinews.kz - An insurance specialist told what amounts you can insure your life for and in what cases you or your family may not be paid insurance?
What can you insure your life against
Deputy Chairman of the Board of the life insurance company "Kommesk-Omir" Zhanar Syrymbayeva said that the life insurance contract covers all insurance events for the duration of the contract (illness, accident, etc.). With the exception of some cases provided for by the contract, in which the insurance payment will be limited to the surrender value or will not be made at all.
Non-insured death cases include:
- intentional harm to oneself, including suicide or attempted suicide;
- participation in military actions, terrorist acts, riots, strikes;
- some diseases that were hidden when drawing up the contract;
- state of alcohol, drug or toxic intoxication;
- extreme activities (for example, mountaineering, motor sports, scuba diving, parachuting), if these risks were not specifically included in the insurance contract.
In addition, the insurance company may refuse to pay if the policyholder intentionally provided false information about his health when concluding the contract.
What amount can you insure your life for
According to the expert, the average amount under a life insurance contract is 5 million tenge, and amounts higher than this are considered individually: they are set by the insurance company taking into account age, health, profession and other factors.
"The higher the insured amount, the higher the insurance premium. In some cases, the insurer may request confirmation of income level to ensure that the person will be able to pay contributions regularly and to reduce the risk of fraud. The client can choose a convenient payment schedule: quarterly, once every six months or once a year," the expert noted.
How insurance is assessed and can it be refused
Zhanar noted that if a person is professionally involved in extreme sports, for example, participates in car racing, then he will have to pay more for insurance, and in some cases the insurance company may refuse to issue a contract. At the same time, maintaining a healthy lifestyle, on the contrary, can be a plus. If a person does not have chronic diseases, does not smoke and regularly exercises, the insurance premium may be lower.
If a person is involved in extreme sports, then such cases are considered high risk. The standard insurance contract applies to them, but the athlete can discuss special conditions with the insurance company.
How relatives get life insurance
Relatives need to contact the insurance company and provide a set of documents. Among them are the insurance contract itself, the death certificate, documents confirming the cause of death (medical certificates, expert opinion). In addition, they need to confirm their relationship with the insured or the right to inherit (if the beneficiary under the contract is not specified in advance).
The insurance company will review the documents and pay the amount within the period specified in the contract.
In what cases can insurance payment be refused
Insurance payment is not made if the cause of death was participation in illegal activities, the person concealed the presence of serious diseases, committed suicide, or the beneficiary was involved in his death.
In some cases, the insurance company may request additional documents, conduct an examination or send an official request to law enforcement agencies. This is especially true if the death occurred under strange circumstances or there is a suspicion of fraud.
About the expert
Zhanar Syrymbayeva is the First Deputy Chairman of the Board of the insurance company "Kommesk-Omir". She is also a teacher at NARXOZ University in the MBA "Actuary" program. She has been working in the insurance industry for over 17 years and is a licensed actuary (a specialist in insurance mathematics, who has mastered the theory of actuarial calculations – editor’s note). She is a candidate of physical and mathematical sciences and graduated from the National Bank of the Republic of Kazakhstan with a master’s degree in the MBA program “Actuary”.
