Life Insurance Company Tips

There are few people with a policy that would knowingly mess up their chances of a successful insurance claim. But sometimes there are things we don’t do correctly and that’s why we offer these Life insurance company tips.

If you have insurance, the onus is on you to understand all the terms and conditions of the policy.

Make sure that you read the entire document and ask your broker or insurer to explain anything that is unclear. Be sure to ask the all-important question, “What is life insurance?”

Complying with policy rules is  more than just paying monthly premiums.

Life Insurance Company Tips and of some of the common mistakes people make when claiming

  1. Withholding relevant information

    Neglecting to provide the life insurance company with truthful and complete information is a violation of your agreement.  Not mentioning relevant details that could influence your risk profile Life Insurance Company Tipsand premium (for example not mentioning that you smoke or partake in extreme sports) is dishonest. Also not offering information such as having a pre-existing medical condition could affect you in the event of a claim.

  2. Withholding information about your occupation

    If you change your occupation you could reduce or increase the risk the insurer bears on your policy. For example, if an office worker changes occupation to become a rally car driver, your risk levels increase and so would your premiums. Failing to notify your insurer of the change provides legal grounds to reject a claim. So it is important to carefully find out about life insurance and all that the policy entails.

  3. Changes in lifestyle

    When you initially insure your life, you may have been a non-drinker and non-smoker. However, circumstance change and you may have taken up such habits. Failure to inform the company can result in the refusal of a claim in the event that you contract lung cancer, for example.

  4. Allowing a lapse before claiming

    Often a life insurance company will stipulate specific time frames in which a claim needs to be reported. This is one of the most common reasons claims are rejected – many people do not report a claim within the time frame and the claim therefore lapses and is not paid out.

  5. Providing conflicting information

    Delays in paying out claims can very often be caused by a lack of sufficient information that prohibits the insurer from settling a claim. Examples of incorrect or conflicting details include incorrect identity numbers of your beneficiary, conflicting dates of occurrences and the incorrect dates of birth of dependents.

  6. Under Insurance

    To make sure that you receive adequate life cover from your life insurance company in the event that you become disabled or pass away, it is essential that you revise your policy annually to keep up-to-date with inflation and changing circumstances. If you fail to do so, you could experience a major shortfall when a claim arises.

And those are our life insurance company tips.


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All info was correct at time of publishing