10 Ways to Ensure Your Life Insurance Claim Pays Out
The reason for getting life insurance quotes and taking out a policy is simple. We want to ensure our loved ones get the cover we have set up for them. So it makes sense to ensure we do everything we can to get that payout easily if the time should come.
Here are ten ways to ensure you get the result you desire.
- Declare all information.
Read through the life insurance application form carefully and declare everything. Non-disclosure is a big reason for insurers not paying out on a claim.
- Be as honest as possible.
When it comes to life cover, honesty really is the best policy. There are no grey areas here. Be 110% honest otherwise a claim could be met with rejection.
- Read every detail so you understand the policy.
People hate small print, but it is necessary to make sure you read it and understand it. It’s there for a reason and you should know every aspect of your insurance policy.
- If you smoke, say so.
You may have to declare yourself as a smoker even if you have stopped recently and you are using nicotine replacement therapies. If this applies to you, read all the information the insurer wants and provide it truthfully.
- Understand the key features your policy provides.
Most insurers provide an ‘at a glance’ section that tells you the main features of your policy. To ensure you have the policy you want that will pay out when you want it to, it makes sense to read this thoroughly.
- Make sure your dependents know you have the policy.
This might sound odd but don’t keep it to yourself. At least make it clear where vital information is if anything should happen to you. That way whoever is the executor of your will should know where the information is.
- Be clear on family history.
Many insurers will want to know about your family medical history. Be sure you have all the right details and double check them if need be.
- If in doubt, mention it.
This is the golden rule. Don’t hesitate over something and then leave it off the forms. If you think it should be included or you are unsure, include it. It’s far better to do that than to invalidate your policy through not mentioning something.
- Double check your accuracy.
Before you fill the forms in, make sure you have your facts correct. Even if you make an honest mistake and you’re not deliberately telling lies, it could still jeopardise a payout.
- If in doubt, ASK!
Insurers handle applications for life insurance quotes every single day. They’re used to being asked all kinds of questions by applicants. So don’t shy away from asking anything you need to know the answers to.
If you follow these pointers you should find it far easier to get the policy you need and ensure it will pay out when the time comes with the least amount of fuss.