Life Insurance Online Claims: Don’t Make Mistakes
If you’re looking into life insurance, it’s because you want to leave your loved ones with financial support when you pass. There are many options out there that can provide you and your family with great life insurance cover online and usually, they’re easy to apply for. However, sometimes people can make mistakes which can jeopardise their chances of getting the best cover possible and claiming successfully when things go wrong.
This is why....
2. Forgetting To Mention Existing Policies
A common mistake individuals make is not mentioning any existing life insurance policies which they may be a part of. This is either due to the fact that people forget to mention these, or they’re just too lazy to fill out all of this information. Either way, failing to mention this in the application form can lead to rejection.
3. Not Paying The Premiums
Sometimes people make the mistake of not paying their monthly premiums. However, insurance providers usually give a 30-day grace period for you to pay. In some cases, it may even be 60 days. But, if it has been a long time and you haven’t paid the premium, your policy may become lapsed and you may have to reapply, go through another medical examination or at the very least complete a Declaration of Health. The main thing to remember is, if you pass away when your life insurance has lapsed, then your loved ones won’t receive the payout.
4. Death Due To Risky Behaviour Or Suicide
This is not necessarily a mistake to make when filling out the application form, however it is an important thing to consider. Most insurers have clauses in place that deter people who are thinking about committing suicide from claiming life insurance, such as a 1 or 2 year exclusionary period, meaning that your beneficiaries will not receive the payout if you were to commit suicide during that time period.
As well as this, if you have a high-risk hobby and this isn’t disclosed to your insurer when filling out the application, then your beneficiaries may not receive the payout if you pass away when partaking in said hobby. This may be hobbies such as sky-diving or rock climbing.