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· Things to know before you replace your life insurance policy 1. Replacements are not always beneficial. If you are trying to determine if your current policy fits your needs and financial goals the these are questions to be considered: ¨ Can your existing policy be altered to meet your needs? ¨ Are the provisions in the new policy better than the old? ¨ Is the cost for the new policy higher for the same benefits? ¨ Are you past the contestable period on the existing policy?
2. If you decide to replace the policy, your sales representative is required to complete the “Life Insurance Disclosure” form with you
· Additional Information ¨ Make sure that the insurance company and your intermediary are registered to do business in Jamaica. ¨ If you have questions about the company or the intermediary, you can call the FSC for information. ¨ Answer the application questions fully and accurately to avoid problems later. Your policy could be made void if information is misrepresented. ¨ Make sure you receive copies of all written communications and illustrations used in the presentations made to you. ¨ Obtain a receipt of any payments that you make to the insurance company or the intermediary. ¨ Carefully read and understand what you are signing. ¨ When you receive a policy, review it carefully with your advisor to verify terms, when coverage start, the exclusions, etc.
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To contact Insurance Division: Phone: 876-906-3010 Fax: 876-906-3018 Email: insurance@fscjamaica.org
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· General Information ¨ For all companies and Intermediaries ¨ For policyholders and the general public
· Companies ¨ Information of interest to companies
· Intermediaries |
Insurance - General Information for the General Public and Policyholders |
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Legal Information | Policy Statement @ copyright 2003 Financial Services Commission of Jamaica, All rights reserved Financial Services Commission | 39-43 Barbados Ave, Kingston 5, Jamaica WI. |Tel : (876) 906-3010, Fax (876) 906-3018 Email : Inquiry@fscjamaica.org |
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