The Corporation's mandate is provided under the following Acts:
To be the leading life assurance provider that is dependable, affordable and appropriate to all Samoan people
To maintain an acceptable level of good quality policies and continuously introduce new business to ensure growth and financial viability of the Corporation for the benefit of its members
Life policies can be used as security for loans with other lending institutions. To formalize this process the assignment must be registered with the Corporation before title of policy is vested with the new owner. When the loan is paid off in full the policy can be reassigned to its original owner safekeeping. Life policies can therefore be very useful as collateral security for a large loan against unexpected death.
Policy loans may be taken by a policyholder based on the surrender value or Endowment and Whole life policies. Term insurance does not have loan values. The usual proofs before a loan can be granted are the policy document and completion of a loan agreement form. Repayments of policy loans are usually demanded on an installment basis with additional advances granted depending on outstanding balance.
Samoa Life can lend money to policyholders for the purpose of buying freehold land and construction of homes. Finance for purchase of vehicle is also available. All these loans require a first mortgage security as stipulated in the Act. All mortgage loan advances are limited to two thirds of the security offered based on a valuation acceptable to the Corporation.
Please contact Teleapesega Pesega Faavae for more information