Photo: Fiktube, Wikimedia Commons, CC BY-SA 4.0Life insurance in Uganda
Policies, insurers and cooling-off
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The main types of life policy
| Type | What it does |
|---|---|
| Term life | Pays a lump sum if you die during the term |
| Whole life / funeral | Pays whenever you die, while premiums are paid |
| Education and savings | Pays at the end of the term, or earlier on death — see education policies |
| Credit life | Repays a loan if the borrower dies |
| Group life | Cover arranged by an employer |
Life insurance in Uganda in figures (2025)
From IRA's Q4 2025 workbook, life premium by class (UGX million): individual life 457,370.0, health/medical 267,305.0, others (deposit administration, unit-linked and non-linked) 100,545.3, group credit 91,749.3, group life 51,077.2, annuities and personal pensions 11,681.1. Every class is explained in types of insurance in Uganda.
Under section 133 of the Insurance Act, 2017, a life policy needs an insurable interest: a parent on a minor, spouses on each other, a person on someone who supports him, an employer on an employee. More in the Insurance Act explained.
Cooling-off and lapse: what IRA says
According to IRA's FAQ, some companies give a 30-day cooling-off period during which you can cancel a new life policy; it is a company practice, not a legal right, so ask for it in writing. If you stop paying and the policy lapses, you can claim the surrender value; the waiting period before a policy acquires one varies by company.
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Frequently asked questions
Can I cancel a life insurance policy in Uganda?
Some insurers offer a 30-day cooling-off period, according to IRA's FAQ. It is not required by law — ask the insurer before you sign.
What happens if I stop paying my life policy?
The policy lapses. You can claim its surrender value, once it has one; the waiting period varies by insurer (IRA FAQ).