Life insurance in Malawi — types, cooling-off

Short answerChecked 31 October 2026

Life insurance in Malawi is sold by the 6 life insurers on the Registrar of Financial Institutions' list of 30 June 2026: Co-operatives Life Assurance Limited, LifeCo Life Limited, NICO Life Insurance Company Limited, Old Mutual Life Assurance Company (Malawi) Limited, Smile Life Insurance Company Limited and Vanguard Life Assurance Company Limited. The Registrar's 2017 Directive lists the classes they may sell — term, whole life, endowment, group life (including group funeral and credit), annuities, income protection, critical illness and business assurance. Before you sign, the insurer must give you a key facts statement, and you have a cooling-off period of 10 working days from the start of cover to withdraw from a life policy without penalty, with your premiums refunded (Disclosure Directive, 2018).

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Answers come from the law, the regulator and the insurers' own documents, with the source under each answer. General information, not advice.

What should I check before I buy cover?What is an excess?How do I prepare a claim?

The kinds of life insurance

Class (Second Schedule)	What it is
Term assurance	Protection for a limited period: level, renewable, convertible, decreasing, increasing or unit-linked term
Whole life assurance	Cover for life, non-profit, with profit or unit-linked
Endowment	Savings with life cover, paid at maturity or on earlier death
Group life assurance	Group life, group credit insurance, group funeral life assurance
Annuities	Immediate, deferred, guaranteed, for life, joint life and last survivor, impaired life
Income protection, critical illness	Income if you cannot work; a lump sum on a listed illness
Business assurance	Key person insurance, directors' share protection

Source: Classes of Insurance Business Directive, 2017, Second Schedule. A life insurer must be licensed in the life category (Insurance Act, sections 6 and 7) and keep separate books for its life business (section 24).

Your rights when you buy

Key facts statement: a short standard document with the premium, the benefits, the exclusions, the claim settlement period after the discharge, the cooling-off period, whether benefits are guaranteed or discretionary, and the complaints procedure (Disclosure Requirements for Insurance Services Directive, 2018).
Cooling-off: 10 working days from the cover commencement date to withdraw from a life policy without penalty, with premiums refunded (same Directive, paragraph 3).
Statement of your life policy account: free of charge on request, at least twice a year (Fair Treatment of Consumers Directive 2024, paragraph 24).
Credit life: when a loan requires credit insurance, you choose the insurer from the lender's list of approved insurers, and the cover is shown separately from the debt (paragraph 15).

Already insured?

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Next step

1. Find the cover that fits

Frequently asked questions

Which life insurance companies are licensed in Malawi?

On the Registrar's list of 30 June 2026: Co-operatives Life Assurance Limited, LifeCo Life Limited, NICO Life Insurance Company Limited, Old Mutual Life Assurance Company (Malawi) Limited, Smile Life Insurance Company Limited and Vanguard Life Assurance Company Limited.

Can I cancel a life policy in Malawi?

Within 10 working days of the cover commencement date you can withdraw without penalty and get your premiums back (cooling-off period, Disclosure Directive 2018). After that, the policy terms on surrender or lapse apply.

What is a key facts statement?

A short standard summary the insurer must give you before you buy: premium, benefits, exclusions, claim settlement period, cooling-off period and how to complain.