Ensure that Your Risk Cover Gets Paid
Jaco Gouws, Protection Product Head at Old Mutual Personal Finance gives advice to ensure your insurance companies pays out claims when the unexpected occurs:
- Know what you have cover for. Understand your contract and the limitations. Put in the right claim under the right type of cover. For example, don’t submit a claim for a broken wrist under your severe illness cover.
- Double-check your application documents and contract. Make sure you supply your insurer with all the correct information. Ask your financial adviser or the insurance company if you are unsure.
- Notify your insurer of any health changes. Even if your health status changes when your application is pending, let your financial adviser know. And once your application has gone through, continue to update the insurer if your health status changes.
- Never withhold information from your insurer. To eliminate the possibility of a rejected claim, be totally upfront with the insurer.
Why Insurers Reject Claims
According to the 2016 Old Mutual claims statistics, 4% of claims were not paid due to various reasons such as:
the benefit definition not being met;
suicide exclusions which apply in the first 2 years of the policy;
underwriting exclusion; and
All info was correct at time of publishing