When you invest in life insurance, you want to know that there’s a way to get by when tragedy happens. What many people find is that accessing their benefits isn’t as easy as it seemed when they signed up for the policy. In fact, it can be far harder than most realise to convince the insurer to payout so they can financially move on and recover. Insurers have a tendency to delay or outright deny claims and even defend against legitimate claims. So what can you do to make sure that your life insurance is paid when you need it?
- Step 1: Notify Your Insurer Right Away
Get things started as soon as possible by notifying your insurer as soon as you reasonably can after the incident. Many insurance companies can take weeks to send out the necessary claim forms and documentation. The sooner you notify them, the sooner you will get what you need to start the claim process.
- Step 2: Know What You Can Submit a Claim For
Many people buy an insurance policy then forget about it, never really paying attention to what it covers. Make sure you have or request a copy of your policy and read it over to determine what you can submit a claim for. Read through conditions and consult with your doctors or any other specialist who is providing treatment. Show them the policy so they can determine which terminology to use when submitting the claim and any required medical documentation to avoid discrepancies that could cause delays or claim denial.
- Step 3: Make Sure All Documents are Complete & Accurate
Large insurance companies usually have a specific process they follow with each new claim. Make sure you have all your documentation properly completed with accurate information before submitting it. This will ensure that your paperwork goes through the process smoothly and quickly. Double and triple check your forms before submitting them. Even one empty field or incorrect piece of information can cause delays.
- Step 4: Always Put Everything in Writing
Never trust your claim approval to the spoken word. Get everything in writing, including anything discussed over the phone. You should have a physical copy that you can present should you need to prove something to the insurer or go to court. This is the best way to keep your insurance company accountable and hold them to any promises they make.
- Step 5: Escalate Your Case if Necessary
The insurance claim process can take time, but if you feel like your insurer is dragging their feet intentionally, don’t be afraid to call them out. This can be done by escalating your case through their complaints process. If the internal approach doesn’t work, then you may need to seek out legal advice and possibly take it to court.
Your life insurance may be the financial lifeline you need to recover after an injury. Take an active role in the process to ensure that your claim isn’t ignored or unfairly delayed or declined.
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