Photo: Gwamaka Charles., Wikimedia Commons, CC BY-SA 4.0Life insurance in Uganda
Life insurance in Uganda: policies, insurers and cooling-off
Short answerChecked 23 September 2026
Nine life insurers are licensed by IRA Uganda; life premiums were UGX 702.25 billion in 2024. There is no legal cooling-off period, but IRA notes that some insurers give 30 days to cancel a new life policy. If a policy lapses, you can claim its surrender value.
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 |
| Credit life | Repays a loan if the borrower dies |
| Group life | Cover arranged by an employer |
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.
What would you like to do now?
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).