Making your insurance claim go smoother would make our lives easier, and less stressful at a time where we already may be emotionally charged.
Often we have a number of complimenting insurance policies to cover a number of risks, events and conditions that are particular to our needs. We want to make sure that when we need to claim, that it is not a paperwork nightmare and that we do not get caught up talking to different people and companies for the same insurance claim.
In my business I will quite often bundle policy benefits together to make it easier and faster for my clients at claim time. However, I also need to make sure the insurance benefits and companies I recommend to my clients still have to stack up and be the right solution.
Let’s look at an example of an insurance claim;
Robert is age 45 and owns a small business.
Over a period of time, Robert accumulated Income Protection with XYZ Insurer, Medical Insurance with ABC Company and Trauma Insurance with AAA Corp. Robert has covered a number of risks so in the event that he cannot work due to sickness or accident he will continue to receive his income.
In addition to this he would receive private medical, and will get a lump sum payment if things are serious and he is diagnosed with one of the many conditions covered under his Trauma Insurance.
Robert gets diagnosed with a serious sickness which prevents him from working and needs special medical treatment including drug treatment.
Right now Robert is under pressure to keep his business going and he is now has to deal with this event and make time for medical treatment.
Here is where his insurance claim gets tricky
Since Robert has his cover with three different insurance companies, he has to get claims going with all three companies and this is where things can get stressful and breakdown. Robert will have to deal with;
3 Claims with Different Companies
3 Claim Managers
3 Sets of Varying Information
It is so easy for Robert to get lost among the paperwork and who requires what. Then chasing up different types of information for each insurer based on the product he is claiming on and the speed of medical requests from his Doctor to three different companies.
Could Robert have made his insurance claim smoother?
Absolutely! If Robert had all his cover under one policy he may have got some premium discounts and only paid one policy fee, and he would only have to deal with;
1 Company
1 Claims Manager
His insurance claim would have gone smoother and would have been much less stressful. Plus, if he had a nice little product called Premium Cover, he would not have had to pay any premiums for any of his cover while he was on claim.
Robert is not a client, this is an example of what I have seen other people experience.
Consider your claim
When taking out insurance, it is also important to understand the claim process and what may be required to get your claim approved. Especially if you are so incapacitated that you are unable to gather the information to get your claim approved. This is where you will need to partner to assist, or maybe someone with a Power of Attorney (POA) but I will the POA for another article.
As always, if you need any advice please feel free to contact me.
