Philip Holland Financial Independence financialindependence

We have noticed a huge increase in claims during the last year.
Many of these claims are straight forward, but from time-to-time, we get one we have to really fight to get paid.

The following are some thoughts about how to ensure your insurance claim is handled well:

1. Use an Insurance adviser – yes you may be able to have similar insurance at a bank or over the internet, but will you really get claim service? If your insurance provider – bank, insurance company or broker – does not have a dedicated claims team, then switch to one that does. It is all about you at claim time and beware of those with vested interests in getting claims paid. Ask your insurance provider how they deal with claims and how much help they will give you.

2. Review your policies – this is a big one and can catch people out. Make sure your policies are owned correctly. E.g. if you have changed your marital situation, you may like to ensure your life insurance policies reflect this or if you have an old trauma policy, it may be time to upgrade to a newer version with more benefits.

3. Know your policies – so far in the last year we have stumbled across more than 10 people who didn't realise they have a certain type of insurance cover. You could imagine their surprise – and happiness – to find out they actually had a claim payable to them. Take an interest in what you have got and if you are not sure – contact your insurance provider.

4. Always contact your insurance adviser – if you have had an issue and even if you don't think you are covered for it, contact your adviser. It is better to know you are not covered than miss out on an opportunity to put in a claim. A good insurance adviser will be able to help navigate the claims process to make it as stress free as possible.
We have seen many success stories from people – clients and non-clients – who we have helped managed their claim process. At the end of the day there is no point having insurance in place if you can't be confident about getting your claim paid.

Philip Holland is the managing director for the Financial Independence group. For further information contact an adviser phone 07 578 4414 or email philip@youradviser.co.nz. A Disclosure Statement is available free of charge on request. The opinions stated in this article are those of the writer and should not be taken as specific advice.