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Whole Life Assurance


This is the probably the most flexible and ingenious life policy however it is probably the most misunderstood life policy by the public. Because of its name it is believed that premiums are paid every year throughout life and as a matter of fact most people would not afford premium payment beyond the age 60 years.


Whole Life Assurance provides a capital sum in the event of the death of the Life Assured. It mainly makes a financial provision for dependents. The premium payment cease at a certain age but the policy gives you protection for life.

Who can take out this policy?

Any Individual between the ages of 18 and 65. Because of it’s flexibility and adaptability it can be used for educational needs, funeral expenses, mortgage, family income, keyman assurance etc.

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, the amount to be assured and the duration (term) of the policy.

Increase of the Level of Benefit

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

With Profit Whole Life
When the policyholders dies, his/her beneficiary(ies) will in addition to the guaranteed amount (Sum Assured) will also receive bonus based on investment performance during the term of the policy. Participation in the profits of the life fund could be enjoyed by the payment of extra premium.

Without Profit Whole Life
Only the guaranteed amount shall be paid when the policyholder dies.

Inception of Cover

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

Premium Payment Methods

Premium could be paid: Monthly, Quarterly, Half Yearly or Yearly.

The Policy’s Minimum Term

The protection offered by the policy is till the death of the policyholder but the premium payment is limited to a minimum of fifteen years.

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