Life Insurance: In Case of Life and Death
What is Life Insurance?
Life Insurance is a financial protection product that covers risks related to the survival or death of the policyholder. It includes two main types:
- "Life Insurance" (Insurance in Case of Life): Guarantees the payment of a capital sum or annuity if the policyholder is alive at the end of the contract.
- "Death Insurance" (Insurance in Case of Death): Ensures financial security for beneficiaries in case of the policyholder’s death.
This type of death and disability Insurance provides financial stability for policyholders and their families, ensuring that the chosen capital or annuity is paid out under the terms of the contract.
How Does Life Insurance Work in Morocco ?
Life Insurance: Capital Payment in Case of Survival
In the case of a Life Insurance contract in Morocco, if the policyholder is still alive at the end of the contract term, they receive the guaranteed capital in accordance with the conditions specified in the contract. This financial protection can be used for retirement planning, long-term savings, or investment purposes.
Death Insurance: Compensation for Beneficiaries
For an Insurance Contract in the Event of Death, if the policyholder passes away before the contract expires, the insured capital or annuity is paid to the beneficiary(ies) designated in the contract.
- If no beneficiary has been appointed, or if the designated beneficiaries are no longer alive at the time of the policyholder’s death, the insured amount is integrated into the policyholder’s inheritance and distributed according to Moroccan inheritance laws.
- This coverage ensures financial security for the family, helping with funeral expenses, outstanding debts, and the education of dependents.
Claim Process and Benefit Payment
The claim the insured benefits, the insurer must be notified of the claim with the required supporting documents. The payment of benefits is then processed within the timeframe stipulated in the contract, in compliance with Moroccan insurance laws and ACAPS regulations.
Types of Life and Death Insurance
Life and Death Insurance in Morocco falls under personal insurance and can be taken out in two ways:
- Individual Life Insurance: A policyholder personally subscribes to ensure their own coverage.
- Group Life Insurance: Coverage is provided collectively, often through employers, professional associations or other entities.
Rights and Obligations of the policyholder
We invite you to refer to the "Insurance Guide" published on the ACAPS portal
What does the Authority do ?
Within the framework of the powers vested in it by Law No. 64-12 establishing the Insurance and Social Security Supervisory Authority (ACAPS), the latter institution ensures that any and all insurance products offered to consumers are understandable, balanced, useful and that they comply with the regulations in force.
It also shall monitor the reliability of the information provided to policyholders and ensure the fair treatment of policyholders by Insurers.
Legal/Judicial Remedies in Case of Dispute with Your Insurer
Under Article 7 of Law No. 64-12, ACAPS is authorized to investigate complaints from policyholders regarding insurance companies and intermediaries (brokers).
However, it is recommended to first contact the broker or insurer concerned. If the dispute persists, the policyholder may submit a complaint to ACAPS through the available channels. The Authority will then examine the case and take appropriate action in accordance with the applicable legal and regulatory provisions.
