Claiming on personal insurance

In part 3 of our series on personal insurance we discuss claiming on your personal insurance. To find out more about personal insurances see part 1, and part 2 on how to choose the right insurance for you.

How do you make a claim on your personal insurances?

Claiming on personal insurance is done with the help of your financial adviser. Despite the ambulance chasing lawyer adverts on TV, a lawyer is not necessary. This is because an insurance claim is based on medical evidence, not legal opinion. So engaging a lawyer will not change the outcome of an insurance claim.

If you have had any medical event and you have personal insurances in place, please contact your adviser. They will review your policies and contact your insurer to determine what medical evidence is required.

Once your adviser knows the requirements it is time to get things rolling. It often takes a lot of work on behalf of your adviser to coordinate the insured, the insurer and the medical specialists. This is a part of our service to existing clients.

Making a claim

There are different requirements depending on the type of insurance and the medical condition involved.

Life Insurance – Present a copy of the insured’s death certificate. This is the easiest of all claims as it is black and white. Some life insurance policies will also pay out if the insured has a terminal illness and a life expectancy of 12 to 24 months.

Trauma – This will require medical evidence to prove that you have suffered one of the specified medical conditions. Depending on the medical event, the evidence could include: a report from your GP, consulting or treating specialist reports, pathology results.

TPD – This is often the most difficult to claim on, as the definition is that you are never able to return to the workforce. For this claim to be successful, it is necessary for your doctor and specialists to formally declare that you will never be able to return to the workforce and for an independent medical expert to also agree with the prognosis. Sometimes this type of claim cannot be paid until the medical condition has deteriorated to the point where the medical experts agree.

Income Protection  –  The initial claim will require medical evidence that you cannot work. After the initial claim is made, follow up medical statements are required until you are able to return to the workforce. Depending on the condition, these statements may be required monthly, quarterly, six monthly or annually.

In summary

Personal insurance can provide peace of mind in the event of a medical event. Choosing the right insurances can be a lot of work. And is something your financial adviser can help you with. When it comes time to claim on your insurance your adviser can help you with that too.

Now is a great time to review your insurances. Do you have them? Are they appropriate for you? Make a time today and meet with our advisers to discuss your needs!

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