5 ways to process your life insurance claim without the hassle

Published on December 1st, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Have your documents ready

According to research conducted by Rice Warner, Australians who are under insured are costing the industry $1,1811 billion. If you need to make a claim its always best to have your documents in order. Keeping your documents up to date and organised can help prevent any delays in your claim. This also means making sure that all your beneficiaries are included in your cover. Ensure that your next of kin is familiar with the procedure and know what documentation is required should you not be able to make the claim yourself. Just keep it in the back of your mind that insurance procedures differ from insurer to insurer.

Notify your insurer

Men are taking an actively lead when it comes to life insurance, as 70% of insurance claims are made by men. Eliminate the hassle of going around in circles by notifying your insurer that you want to make a claim. You can notify them by calling or emailing them and they will get back to you. If it is something that is urgent it will be dealt with accordingly, but try by all means to avoid spamming them. They will then send you forms that you need to fill in, and ask you to submit documents to process your claim.

Your claim will be assessed

Your insurer will get the ball rolling for your claim. Your claim will be assessed according to the documents that you have given your insurer. These are documents such as death certificates and medical reports. Avoid making things awkward for yourself by providing false information on either document to make a claim. This could lead to insurance fraud which could see you spending some cold, and lonely nights behind bars. Once more, updated information such as your contact details will help your insurer to contact you if they need any further details.

What is the time frame for the outcome of your claim to be finalised?

There is not a set time frame of how long a claim can be processed. Some claims can be more complex, therefore taking a longer time to get them processed. Sometimes you will have to prepare yourself for your claim being possibly rejected on the basis of non-disclosure of pre-existing health problems before at the time you applied. Most claims take a few weeks to be processed in Australia.

Keep a solid record of your insurance claim

When dealing with things such as life insurance claims there can be a lot of passing of information between parties. Things can get lost in communication over time, especially if your claim is taking a considerable amount of time to process. You could end up forgetting details that will need to be used later on during the claim process. Keep a solid record of your interaction in an organised manner to make it easy to touch base on later. List the people you have spoken to, the correspondents to emails and letters that could have been sent to you. Once your claim has been accepted you will receive your pay-out almost immediately.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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