Making an Insurance Claim? Cohabiting Couples Beware
July 2, 2013
Moving in with your guy might mean the world to you. But it might mean absolutely nothing when it comes to making an insurance claim.
This applies to life insurance as well as short term insurance. That includes insurance covering car, house and contents of the house.
Just because he said in a romantic moment, “I’ll look after you. What’s mine is yours,” might not cut it with the insurance company.
Complications of an Insurance Claim
Here are some examples:
- Let’s say you are driving his car and you cause a bumper bashing. You might not have cover unless the car insurance company has a record of you as being a second driver
- If his laptop or cell phone vanishes from the house your house content insurance may not cover it. That is because this covers only your belongings and not his
- Or if he should tragically die you are not necessarily a beneficiary of his life insurance. That is, unless it’s expressly stated in his will and on his life insurance document
Most cohabiting couples discover too late the nasty truth about an insurance portfolio that does not reflect a couple living together.
So much so that the financial Intermediaries Association of Southern Africa has cautioned young couples living together to be aware of their insurance policy pitfalls.
Co-habitation and an Insurance Claim
Says Peter Atkinson, spokesman for the organization, “Many couples who co-habit have their claims rejected by insurers because policies are not designed for this emerging modern culture.”
What should you do about this?
Both of you need to sit down and go through the insurance policies to make sure they cover everything you assume they do. Get the insurance companies to change the wording to reflect your relationship, or even issue a brand new policy.
“The main issue is the lack of understanding or knowledge that most people might be aware that they could be a problem, and also the fact that they don’t as a rule, tend to read their policy documents with great detail,” adds Atkinson.
So get out those insurance policies and go through them to avoid nasty surprises in future.
Next step: Complete and submit the form to get a life insurance quote now
All info was correct at time of publishing