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FAQS
? What types of policies does you offer?
Demerara Mutual offers life insurance, health insurance, and other financial products, including savings and investment plans.
? How do I apply for an insurance policy?
You can apply by visiting a Demerara Mutual office, speaking to an agent, or starting the process online by completing an application form. You can give us a call on 225-8991 or send us a WhatsApp message on +592-608-5433
? How do I choose the best policy for my needs?
Speak with a representative who can guide you based on your financial goals, family needs, and coverage requirements.
? Do I need a medical examination?
Some policies may require a medical examination, especially if the coverage amount is high or if you have specific health conditions.
? Can I transfer my policy to someone else?
No, insurance policies are non-transferable, but you can designate or change beneficiaries.
? How do I pay my premiums?
Payments can typically be made via cash, check, bank transfer, or online through Demerara Mutual's website or other payment platforms.
? What happens if I miss a premium payment?
There’s usually a grace period (e.g., 30 days) during which you can make the payment without losing coverage. After that, the policy may lapse.
? Can I change the frequency of my premium payments?
Yes, you can often switch between monthly, quarterly, semi-annual, or annual payments. Contact the office to update your payment schedule.
? Are there any discounts for paying premiums annually?
Some policies may offer a discount if you pay the full annual premium upfront.
? What should I do if I can no longer afford my premiums?
You may have the option to switch to a reduced coverage plan, pause premiums under certain conditions, or use the cash value (if applicable) to pay premiums.
? What is the maturity benefit of my policy?
The maturity benefit is the sum assured or accumulated amount you’ll receive when the policy term ends, as specified in your policy agreement.
? Does my policy include accidental death coverage?
Some policies include accidental death benefits, while others may require an add-on rider. Review your policy terms to confirm.
? Can I add riders to my existing policy?
Yes, you can typically add riders such as critical illness, disability, or accidental death coverage to enhance your plan.
? Will my policy pay out if I die of natural causes?
Yes, life insurance policies cover death due to natural causes unless exclusions like suicide within the first policy years apply.
? Can I borrow against my policy?
Policies with a cash value component, like whole life or endowment plans, may allow you to borrow against the accumulated value.
? How do I file a claim?
Submit the required documents, including the claim form, identification, and supporting evidence (e.g., medical certificates, death certificate) at a Demerara Mutual office or online.
? How long does it take to process a claim?
Claims are typically processed within 30–60 days, provided all documentation is submitted accurately.
? What happens if a claim is denied?
You can appeal the decision by providing additional documentation or evidence to support your claim.
? Are there exclusions to my policy coverage?
Yes, policies usually have exclusions such as suicide within the first two years, war, or participation in hazardous activities. Review your policy for details.
? What happens to the policy if the policyholder dies?
The death benefit will be paid to the designated beneficiary, provided all premiums are up to date and the claim meets the policy terms.
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Avenue of the Republic and Robb Streets, Georgetown, Guyana
