Over the years I have had a number of clients of all ages who have been able to claim on their life insurance because they were properly insured on the thing that matters most. Their life and therefore their income.
I will give you a few examples of the clients I have dealt with.
A lovely female client in her early 40s who was a breast cancer survivor. She had a double mastectomy and treatment. After 5 years she received the all clear and she thought it a good idea that she now try and get some life insurance just in case. We were able to have her life accepted at normal costs and no exclusions for $1 million.
Life continued for her and she participated in marathons and enjoyed life with her husband and two children knowing that if something went wrong there would be no financial stress.
Well a few years later I received that dreaded call. Eric it has spread and the specialist says I have less than 12 months to live. I sprang into action and armed with the new doctor’s report went to the insurer to claim a terminal illness payment under the life insurance policy. Two weeks later there was a million dollars in her bank account.
A great young guy aged around 30 had taken out critical illness insurance. He was diagnosed with an aggressive form of testicular cancer and was able to make a claim. Received money in his bank account within weeks.
If you are accepted by a life insurance company at the date of application of a policy they will pay as long as you have been truthful on your application. The cases where it becomes difficult are where people have not used a financial advisor or are insured through a group policy in superannuation. If proper underwriting using a financial adviser takes place it should not be difficult to make a claim.
An event can occur at any time in our lives. Either through accident or illness. It shows that talking to a financial adviser and making sure your life is properly insured is very important to ensure that you will receive a claim when something happens. It takes away the financial stress. It also takes away the need for employing the services of a solicitor if you do it properly.
At claim time it is the financial adviser who will organise the claim for you.
How can you help listeners?
A visit to the office or a coffee chat with me is all it will take. Just to make sure that your life is properly insured. Even just a chat on the phone.