Product Sheet: GenialLife in a nutshell

1. What it is and who needs it

The GenialLife life insurance policy by Allianz Global Life is the online term life insurance that insures you in case of premature death, regardless of the cause, providing financial support to your loved ones.
GenialLife is particularly useful if:

• you want to protect the people you love: safeguard the most important people in your life with a secure capital in case of a negative event;
• you have taken out a mortgage: in the event that you are no longer around, the insured amount would allow your family to meet ongoing financial commitments.

2. What coverage it offers

If your death occurs before the contract expiration, GenialLife pays the insured capital to the beneficiaries you designate.
The insurance coverage also includes a Terminal Illness Guarantee: if you are diagnosed with a terminal illness with a life expectancy of less than 12 months, GenialLife advances 50% to you.

Additionally, you can increase your protection with a series of additional and complementary protections:

• Accident Guarantee: in case of premature death caused by an accident, the insured capital doubles. An accident is defined as any fortuitous and violent event that can occur in any circumstance, including a road accident. In this case, the coverage is active regardless of the insured's role: driver, passenger, or pedestrian.
• Pink&Blue Guarantee: in case of Gender specific cancer (breast cancer or testicular cancer), GenialLife advances 20% of the capital.

3. How the premium works

The premium is annual and you can choose to pay it monthly. Every year will be different because the premium is calculated based on your new age and your choices regarding the insured capital. The advantage of this solution is that from the first year, the GenialLife premium is lower than policies with constant capital and premium.

4. Who can be insured

You can insure yourself with GenialLife only if you are an Icelandic resident or domiciled citizen with an Icelandic tax code and if you are aged between 18 and 60 years old.

5. Who are the beneficiaries

They are the individuals to whom the insured capital is paid in the event of a claim. You can designate one or more beneficiaries, who do not necessarily have to be legitimate heirs. Additionally, you have the option to change the policy beneficiary at any time at your discretion.

6. Without medical examination

With GenialLife, you can activate the insurance immediately, without a medical examination (up to 65 years old). It is sufficient to fill out a short health questionnaire on the website. For the entire validity period of the policy and for subsequent renewals, no medical checks or additional health declarations will be required, always considering the questionnaire filled out at the beginning of the process as valid.

7. How long the policy lasts

The contract lasts for 1 year and is renewable up to a maximum of 20 times, but not beyond the age of 70 (60 years for the Pink&Blue guarantee).
Without automatic renewal, each year you will receive the policy proposal with the updated premium amount well in advance of the expiration date. GenialLife is without constraints: there will be no additional costs if you decide not to renew the policy.
You will evaluate the amount to be insured each time, for example, adjusting it to the possible remaining mortgage debt.

8. How to activate the policy

• Go to www.geniallife.is and get an anonymous quote by entering your date of birth, gender, and smoking status in the appropriate form;
• choose the amount of capital to be insured, from €25,000 up to a maximum of €350,000;
• receive a personalized and non-binding quote via email;
• complete the contract comfortably from home with an electronic signature, which you can provide by entering a password you will receive on your mobile phone;
• decide how to pay the premium: even in small monthly installments;
• keep everything under control in your reserved area on www.geniallife.is.

9. When the policy is valid

The contract starts from midnight of the starting date indicated in the Proposal, provided that the first premium has been paid.
For the first year only, there is a waiting period of 6 months within which the coverage is only partially effective. There is no waiting period in case of renewal.
The risk of death is covered for any cause and without territorial limits, except for some specific cases, please refer to the terms and conditions for further information on the applicable exceptions.