Let’s be honest, have you ever cringed when you hear the word insurance? I’m not specifically talking about life insurance, I mean all insurances. This includes home and contents, motor vehicle, health, life, public liability; they all get wrapped up into one ugly, frustrating ball of confusion. In addition to this, we have the all-encompassing doubt that if we go through the process of applying for cover, are the insurance companies even going to pay out?
In October 2016, ASIC was tasked in developing a report following the scandals involving life insurance companies not paying claims. The result of this report uncovered a number of interesting findings. Some of you may be shocked to know that out of the total 11 insurers investigated, only an average of 7% of claims were declined and an average 76% were approved in full.
The statistic that I found most interesting was the rate at which claims were being declined on policies with no adviser linked. A staggering 12% of non-adviser claims were declined compared to only 7% of claims held with an adviser.
During my short time as an adviser, I have assisted a number of my clients through claims, all of which have been successful. I’m not going to deny that the claims process can be tedious and sometimes drawn out, but can you imagine going through this all by yourself?
The role of a Risk Adviser is among other things, to assist a client through one of their most harrowing times to ensure the cover you’ve funded is paid to you in your time of need. We are there to take away the burden and stress of speaking with claims assessors and insurance companies so you can focus on taking care of yourself and your family.
So if you’ve been considering life insurance but haven’t yet made the right moves or don’t know where to start, contact The Investment Collective and speak to one of our friendly specialist Risk Advisers.
Please note that this article provides general advice and has not taken your personal or financial circumstances into consideration. If you would like more tailored advice, please contact us today.