Quick Claim
The QuickClaim Policy pays the Sum Assured to beneficiaries within two business days of receiving the necessary documents. It is a whole life insurance policy that remains valid as long as premiums are paid, with no set term.
Easy Application process . Immediate Needs Policy Benefit for swift financial assistance.
What is Quick Claim
To help spouses or dependents facing financial challenges due to a frozen bank account after the primary earner’s death, options include lenders requiring debt protection for loans and estate settlement costs. The QuickClaim policy by OMART offers benefits within two days to cover immediate living expenses after a family member’s passing.
Coverage options range from R50,000 to R1,000,000
Minimum entry age is 18 years old, while the maximum entry age is 60 years old.
How it works
The QuickClaim Policy disburses the chosen sum-assured amount in a single payment directly to the designated beneficiary, typically the spouse or dependents, within two business days upon receipt of the death certificate and all necessary claim documentation verifying a valid claim. This sum can be utilized to cover immediate or final expenses arising from the freezing of the deceased’s bank account. This policy is a whole life insurance, allowing it to remain in force for the duration of your life as long as premiums are maintained; there is no predetermined term associated with the policy. *Acceptance of the policy by OMART hinges on the assessment of your responses to the medical questionnaire.
Why choose Quick Claim
Did you know that upon your passing, all your bank accounts are promptly frozen until an Executor is appointed, rendering it impossible for your dependents to access funds for their everyday living expenses?
For a family, this situation poses significant challenges: If you’re the primary breadwinner, it could be catastrophic for your dependents, who rely on the funds in your accounts to cover immediate expenses such as household bills, daily expenditures, groceries, mortgage or car loan payments, school fees, and more.
In the absence of access to funds from your bank accounts, where will they procure the necessary funds for day-to-day expenses while awaiting the finalization of the Estate?
The QuickClaim policy benefit disburses between R50,000 to R1,000,000 to your designated beneficiary to address your dependents’ immediate needs and expenses within two business days upon receipt of the death certificate and all requisite claim documentation substantiating a valid claim.
While a family may have Life Cover, it typically takes time to pay out and is usually earmarked for specific needs, rather than the immediate day-to-day living expenses required by others after your passing.
This underscores the importance of considering a policy such as the QuickClaim policy to provide for day-to-day living expenses.
The QuickClaim policy benefit expedites payment to the named beneficiary within two working days upon receipt of all claim documents validating a valid claim, thereby facilitating the payment of these immediate expenses by granting them access to the necessary funds during this challenging period.
Benefits of Quick Claim
The QuickClaim policy offers the following advantages:
Simplified Underwriting Process
Medical exams or blood tests are not needed for eligibility. Applicants answer medical underwriting questions and face a 3-month waiting period for Natural Death and General Exclusions.
Whole of Life Policy
This policy has no fixed term, meaning coverage lasts for the duration of your life as long as premiums are paid.
Beneficiary Nomination
You can nominate a beneficiary, who will receive the assured sum directly in the event of your death.
Joint Policy Option
Two lives can be insured under one policy, each entitled to full Sum Assured. If one individual dies, the policy continues for the survivor with a recalculated premium.
Up to R1,000,000 Cover
The policy provides coverage up to this amount.
Conditional Cover
If you or your joint life assured is declined based on the medical questionnaire outcome, you may still be eligible for up to R100,000 worth of cover at standard rates.
Easy Application Process
The insurer handles all paperwork, ensuring a hassle-free application experience.
Flexibility to Increase Cover
You can boost your coverage under age 60, as long as it stays below the maximum limit, through additional medical underwriting with exclusions and waiting periods for the increased amount.
Rapid Payout
Benefits are paid out within two working days upon receipt of the death certificate and all necessary claim documentation supporting a valid claim.
Payment of Benefits
For Accidental Death Claims: The full Sum Assured is paid within two working days, provided the policy is active and premiums are up to date.
Payment of Benefits
For Natural Causes Death Claims: Benefits are paid based on the schedule to the right --->
Natural Causes Payment Schedule
- First 3 months: 0% of the Sum Assured (waiting period)
- 3 to 6 months: 50% of the Sum Assured
- 6 to 12 months: 80% of the Sum Assured
- 12 months onward: 100% of the Sum Assured