Term Assurance


As the name implies, it is a temporary life assurance cover which could be used for temporary needs or as a temporary measure to cover important needs until the policyholder can afford permanent coverage.


Term Assurance gives financial protection when death occurs within a specified period. Since the policy provides cover for a relatively short period only, the premium is very cheap and no benefit is payable should the life assured survive to the end of the selected period. It is purely a death risk cover with no investment option which can be used as a protection against Loan transactions.

Who can take out this policy?
Any Individual between the ages of 18 and 65.

Level of Benefit Available
Policyholders decide on the level of cover they want. Premium due depends on the age of the life to be assured and the amount to be assured.

Increase of the Level of Benefit
This could be done to meet changing circumstances or inflationary trends. Such an increase in the benefit attracts an increase in the premium.

Inception of Cover
The policy can start running after the payment of the first premium.

Premium Payment Methods
Premium could be paid: Yearly.

The Policy’s Minimum Term
The protection offered by the policy is annually and could be renewed.

Can I change my Beneficiary?
Yes. You can change your beneficiary at any time by sending a written notice to us of such change.

Claim Procedures
All claims should be reported at the Life Department of the Company, Second Floor, Kissy House, 54, Siaka Stevens Street, Freetown. The documents required are:

Death Claims:
  • Death certificate
  • Cause of Death Certificate
  • Policy Document
Non-Payment of Policy Proceeds
Benefits due under the policy shall not be paid in any of the following circumstances:
  • The information you provided on the Proposal or Application Form was not correct
  • Non-payment of premiums.
  • Death due to an Excluded cover