5 ways to process your life insurance claim without the hassle

Last updated on November 25th, 2021 at 03:01 pm by Bill Tsouvalas

Life insurance is a safety net that we all need to protect us from the unexpected twists and turns that life throws our way. Going through the process of getting access to your claim shouldn’t be. Life insurance provides you with the financial protection that your loved ones could need in future if you are no longer able to support them. A lump sum is paid out to ensure that your loved one’s lifestyle that they have come to know is supported even when you are no longer around. Should you be in need to make a claim on your insurance there are just five easy steps to follow.

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.