1. What happens if I die without naming a beneficiary on my Life or Annuity Policy?

Without naming a beneficiary, your family members will need to obtain Letters of Administration before the proceeds can be distributed. These are Legal documents issued by a court that shows an administrators legal right to take control of assets in the deceased person's name.

2. How can I obtain Life Insurance with your Company?

It is as simple as 1 2 3. First you complete an application and pay the first premium as calculated by your insurance agent. Secondly you may be required to pass any medical requirements requested by the company. Thirdly you have to accept the terms of the policy contract and make arrangements to pay your premiums.

3. Besides Life Insurance what other products do you provide?

We offer a wide range of products including Registered and Unregisterd Annuities, Personal Accident Plans, Hospital and Surgical Plans and several Investment Plans

4. Can I put my children who are minors as beneficiaries on my policy?

Yes, however if they are still minors at the time the death benefit is payable they will have to wait until the age of Age Of Majority before the benefit is paid. This is the age when a person acquires all the rights and responsibilities of being an adult. In most cases, the age is 18.

5. What happens if I am unable to pay the Life Insurance premiums for the policy?

If your policy is one that accumulates a cash value (Whole Life, Endowment, Universal Life Plans) then premiums or charges will be deducted from this value to keep the policy active. Once this fund is exhausted the policy lapses. If your policy does not accumulate cash value e.g. Term Policies the policy will lapse after the grace period.

6. How can I restore my policy once it has lapsed?

It depends on the time elapsed since the policy lapsed. If the lapse time is not beyond the company limitations, you need to complete Part 1 and 2 of an Application, fill out the reinstatement forms, pay the required premiums, submit the Policy Contract. You may also be required to pass any medical requirements.

7. What do I need to do to claim the death benefit after the insured dies?

There are several forms required to complete the death claim process. They are the Physician's Statement, Claimant's Statement, Agent's Statement. You must also submit the Policy Contract, and the insured's Birth and Death Certificates. If the policy does not have a named beneficiary, Letters of Administration will be needed.

8. Apart from a death benefit, are there any other benefits an insurance policy can provide?

Some policies can be used as collateral at Banks and other financial institutions Our Universal Life Policies generate early cash values from which Interest Free Loans can be taken.

9. Can I access funds from my policy if I am living abroad?

You can access you funds by filling out the appropriate form and by having them witnessed by a Notary Public.

10. What is the cheapest form of Life Insurance and why?

Term insurance is the cheapest form of life insurance as there are no cash surrender values.

11. How do I pay my monthly premiums?

The most popular method of paying premiums is through salary deductions. There are other ways such as Bankers Order or by direct payments at one of our many Agency Offices.

12. Why is it necessary to purchase insurance using an insurance agent?

Using an insurance agent is the most convenient sales medium. A Sales Agent will be able to do a complete needs analysis to determine the best fit of products for the client. The agent gives personalized service, ensuring that the client receives any documents or correspondence from the company.

13. How long will it take before I receive my loan cheque?

You loan cheque can be done in 1 working day

14. How long will it take before I receive my death claim cheque?

Once all the appropriate form are completed and there is no claim investigation required, your claim is processed in 2 weeks.

15. What is Universal Life Insurance?

This is a type of policy that develops a cash value from the time the first premium is paid. It applies competitive interest rates to your fund. The insured is also covered for a death benefit. No interest is charged on loans taken from the policy values.

16. Can I purchase an unregistered annuity?

Yes, our Unregistered Annuity is not subject to Government Tax at any time it is surrendered. It is a medium term saving plan which gives high returns.

17. Can you change the beneficiary on a Life Insurance Policy?

A beneficiary who is not revocable can be changed at any time, however if the beneficiary is irrevocable, he or she must give their consent before the change can be made.

18. Is the death benefit on an Insurance Policy taxable?

No the Death Benefit on a Life Insurance Policy is not taxable

19. How long does it take for a cash value to accumulate on an insurance policy?

On our Universal Life Policies the cash value accumulates from day one. Our traditional policy develop cash values after 3 years.

20. What is an annuity?

This is a specified sum payable to a person who has opted to retire. This annuity is purchased based on the fund value of the policy at the time of retirement.

21. Can I get insurance if I'm not in the best of health?

Insurance is sometimes given to persons who are not in the best of health but the premium is higher. Approval for these policies is subject to our underwriter's judgment.


British American Insurance Company (Trinidad)