This is my Life, these are My Rights

1. The intermediary (Insurance Broker or Representative) dealing with you must at the earliest reasonable opportunity disclose:

• His or her personal details i.e., name, physical, postal address and telephone number.
• Whether he is representing an insurance company, brokerage or is independent.
• The products the insurance company is selling
• Produce proof of a contractual relationship & accreditation by the insurer concerned.

2. Your right to know the impact of the decision you make

• the intermediary or insurer dealing with must inform you of:
• the premium you may be paying
• the nature & extent of benefits you may receive
• That your policy will not have any cash value until the expiry of the initial period.
• You will not be able to take out a loan against a policy until it has been in force for at least 5 years.

3. Your rights when advised to replace an existing policy

You may not be advised to cancel a policy to enable you to purchase a new policy or amend an existing policy unless:

• The intermediary identifies the policy as a replacement policy.
• The implications of cancellation of the policy are disclosed to you such as additional costs incurred with the replacement, financial loss and loss of benefits from the old policy.

4. Your right to be informed by the insurer

This includes documentation confirming policy details such as name of the insurer, the product purchased, the cost or premiums, the loadings, renewal expenses and the policy fee.

5. Your right to cancel a policy

• In most cases, you have a right to cancel a policy in writing within 90 days after the date of application or 30 days after receipt of the policy document.
• Please bear in mind that you may not exercise this right if you have already claimed under the policy or if the event which the policy insures you against, has already happened.

6. It is recommended that you discuss with the intermediary or insurer the possible impact of the proposed transactions on your finances, your other policies or your broader investment portfolio.

7. Your Obligations

• The onus of payment of premiums rests with the policyholder and you have the obligation to ensure that this is done regardless of whatever long term payment arrangement is in place.
• Any change in personal, banking and contact details need to be forwarded to the insurer as and when it occurs. Use the Amendment form.

8. For complaints and enquiries

Contact Botswana Life at 3951791 / 3645100 or go to Contact us.