Duty of Disclosure is on you!
Having worked in the insurance and planning industry for 32 years, I’ve seen many things happen, both good and bad. By far some of the most troubling stories I have heard and play out before us, is the issue around the rejection of a client’s insurance claim. There is always a lot of finger pointing and argument over why the decision is what it is but at the end of the day it is the adviser’s role to ensure the best outcome for our clients.
Over the years, I have never had the experience of seeing a legitimate claim be rejected. The key is to work with your financial adviser to provide all the information required to let the insurer decide the outcome on any future claims upfront rather than hope it will be okay at time of claim.
It’s all in the detail!
It is important to understand the wording of your policy so review this with your financial adviser to make sure you have the best available. Remember, if you have cover through superannuation it has normally been provided automatically due to the fact that most Superannuation Funds have automatic acceptance limits. Make sure you have it checked by a financial adviser to ensure that you are quite clear on the definitions within your policy and that the policy is suitable for your needs.
If however you are applying for insurance, here are some of my golden rules for clients when completing policy application forms:
- Read all the questions.
- Request the dates of all your visits to the doctor from your doctor’s surgery.
- Ask the adviser to explain wording around heart attack and stroke and other illnesses.
- Do not sign any blank paperwork or anything you don’t understand.
If you have the slightest doubt then raise it with your financial adviser and it will go a long way to making sure that if you are unfortunate enough to have to lodge a claim there will be far less chance of there being a problem at claims time.
When was the last time you looked at your policy definitions? Making an insurance claim can be overwhelming and sometimes you are not even sure if you have a potential claim; largely because you don’t understand the policy you have.
If you need help with a potential claim or want to review your current policy then a financial adviser is the best person for you to speak with.
Do you need help?
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