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
The cheapest form of long-term permanent protection. The sum assured and bonuses are payable at death no matter how soon or late that may occur.
A very popular contract combining protection and savings during selected term. The sum insured and bonuses are payable at the end of the term or upon death if this occurs earlier.
Can be either Whole of Life or Endowment Assurances. Generally an additional benefit is included whereby if the parent effecting the policy dies before
These policies provide the cheapest form of life insurance protection. The sum assured is only payable in the event of death within a specified period of years.
This contract provides for payment of the sum assured if death occurs within the term or a FULL REFUND OF ALL YEARLY PREMIUMS PAID when the life assured
For a very small extra charge, arrangements can be made for double the sum insured of Whole of Life or Endowment Assurances to be paid if
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