So there you are, quietly getting on with your life when something happens.
It might not be a major, maybe a wisdom tooth. Or it might be something more serious, a heart attack, stroke, cancer or even death.
So now what are you thinking? Am I covered for this, whatever it is? You ring your broker and ask what to do next. Your broker will get a claim form to you and help you to complete it, which is normal procedure for Life Insurance Claims.
The claim actually starts at the time you complete your application form. A lot of people have said to me that they can’t understand why there are so many questions and why even the smallest things seem so important to the insurance company. I explain that it’s a good thing because it will mean that there will be less delays at claim time and can potentially prevent a claim to be declined The claim form is completed and the broker sends it into the insurance company. The insurer will ask your doctor for medical information to determine what the specific medical condition is and if there were any pre-existing conditions that would preclude them from paying any Life Insurance Claims.
Once the insurance company have received the medical information and accepted the claim they will then send out the “Discharge Form”. This form sets out how much you will receive. You sign and return this form and once the insurance company has received it they will direct credit the claim into your bank account.
So what happens next? Most people think that this is the end of the process. Not necessarily…
If it’s a medical claim there may be follow up checks and tests covered under your policy that are required. If it’s an Income Protection type which includes Mortgage Repayment Cover and/or Household Expenses Cover, you might be required to prove your disability on an ongoing basis. This will involve a specialist report on your ability to work or not.
So, as you can see, a successful claim, at a possibly stressful time, comes down to getting good advice and not leaving anything out on the application form.
Got any questions? Please feel free to contact me by text, email or phone at any time.