Get coverage built to support when the inevitable strikes.
When death strikes
In life, only one thing is absolutely inevitable – DEATH. Yes, death is an inevitable end that will come to us all when it should come. But, when it strikes close to us, are we prepared for the funeral expenses?
When do we pay claims?
Proof of Death
On the death of an assured member, the QFSP ensures prompt payment of the appropriate benefit upon receipt of death certificate, medical Report of Death or and other document satisfactory to the Company.
What do we do at QLAC ?
We offer more than sympathy on the death of a loved one…The quality Funeral Support Plan (QFSP) is a guaranteed death benefit that ensures PROMPT PAYMENT of claims to beneficiaries the most convenient way to cover your funeral expenses.
Peace of Mind
You have a choice. You can ensure that funeral expenses do not become a burden on the death of a loved one. The QFSP ensures that you have ready death benefits that cover your: Spouse – Children – Parents and Parents-In-Law.
Waiting Period
The waiting period is three (3) months from the inception of the cover for primary life assured, Spouse and Children; Six (6) months for other dependents i.e. parents/parents-in-law. During this period, no claim will be maid except claims in the event of unnatural or accident death.
Premiums & Claims Payment
Premiums are paid either monthly, quarterly, semi-annually or annually. No claims will be paid when the Policy is not in force or premiums are in arrears.
Age Limit
The QFSP has age limitations for lives covered. Any life assured must not be over:
60 years for the primary member/spouse
18 years old for unmarried children
75 years old for the parents and parents-in-law
Premium Affordability
Our premium for the QFSP is very affordable compared to the other similar funeral policies on the market.
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Frequently Asked Questions
Below are a set of answered questions categorized under the respective topics for your convenience. Kindly browse through for answers to your questions. Chances are the questions you may want to ask have already been answered.
- Can I take out a loanYES. You can take out a policy loan after you have made contributions for at least one year. The amount in your Quality Investment Plan account will be used as collateral. Your loan cannot exceed the net cash value of your Quality Investment Plan Account.
- Can I withdraw part of the money in my Quality Investment Plan account?YES. You can withdraw up to 10% of the cash value of your Quality Investment Plan account once every year without a surrender charge.
- Can I take out the Quality Life Investment Plan if I already have a pension plan?YES. The Quality Investment Plan can be used to supplement any pension plan, provident funds and superannuation schemes which you already have.
- What happens if I die?Upon your death, the death benefit would be paid to your nominated beneficiaries.
- What happens if I am unable to make regular contributions?As long as you have enough money in your Quality Investment Plan account to cover expenses, your policy will be in force.
- What are my options at retirement?
Cash-in: At your retirement, you may stop your contributions and take the cash value.Deposit with interest: You can allow your accumulated fund to continue to earn interest and withdraw part of your cash whenever your wish.
Convert to an income provider: this option enables you to draw your capital as a source of regular income or pension
- What is the premium payment frequency?Premiums are paid either on monthly, quarterly, semi-annually or annually. No claims will be paid when the policy is not in force or premiums are in arrears.
- What is waiting period?The waiting period is six (6) months from the inception of the cover. During this period, no claim will be paid except claims in the event of unnatural or accidental death.
- Do I need to declare my medical informationYES. All you have to do is answer the medical questions applicable to you and the assured. Medical examination may be required where necessary.
- Who can take this policy?All parents and guardians above 18 years re eligible to take the policy. Guardians aged 60yrs and above can invest with interest but limited risk benefits.
- What are the optional packages that comes with this policy?
- Waiver of premiums on Death of the guardian/parent: The Company pays the premium on behalf of the parent/guardian up to the Maturity period
- Waiver of premiums on Death or Disability benefit: When the assured dies or becomes totally and permanently disabled, no premium is due from the assured for the unexpired policy term. However the Company assumes the responsibility of paying the premiums for the rest of the premium paying period.
- Immediate Death Benefit: On the death of the guardian, the appropriate Sum Assured.(ie estimated maturity value) at the time of death is added to the investment account and paid in bulk to the beneficiary for the education/training of the child.
- What if I am unable to contribute regularly?If the account value in any month is less than the monthly deduction for that month, a grace period of one month would be granted for the premium to be paid. Failure to pay the premium after the grace period renders the policy invalid.
- Can I increase my premium?Certainly yes. In order to stand the effects of inflation and accumulate more funds, the policy holder may choose from time to time to increase his/her periodic premium.