Level up your financial game and claim your power!

The most common complaint insurance companies receive are from customers who are unhappy about claims handling. We have all heard the stories from family or friends creating the perception that insurers will take your money and leave you high and dry when the time comes for you to claim.  Making a claim is the real moment of truth when it comes to the relationship we have with our insurers.  Insurance is there to protect us from the unexpected and also gives us that peace of mind in knowing that should anything happen to you; your loved ones will be looked after. Having to submit a claim can feel daunting adding unnecessary anxiety and stress to an already stressful situation.  However, with the right knowledge and proper preparation the stress and anxiety can be reduced. As part of the Metropolitan #WeStart2022Stronger web series, here are a few tips to help you claim your power! 

Understand your policy 
Knowledge is power! It is important to read and understand your insurance policy to avoid any unpleasant surprises or unnecessary delays when you claim.  Put the power in your hands by understanding the type of cover you have whether it is life cover or funeral cover. Your policy could also have a waiting period which means that should something happen during that waiting period, you might not be completely be covered – read your policy document to know which waiting period applies to your policy.  Read and understand your policy. Should you not understand anything in your policy document, don’t be too shy to ask an accredited financial adviser.

Honesty is your best policy 
It is important to be honest with your insurer from the get-go so that your policy is set up correctly. The cover provided by your insurer is dependent on the disclosures you make, so honesty is very important. Don’t filter out any information because if you are not totally honest with your insurer, the insurer reserves the right to cancel the contract with you, meaning a lack of transparency and honesty can result in a rejected claim. 

Pay your premiums on time 
One of the most common reasons for a claim being rejected is nonpayment on a policy leading to the policy been cancelled. You can avoid this by ensuring that you pay your premiums when they’re due. If you aren’t able to make the payment, speak to your insurer about the many ways you can make up for missed premiums, so that you stay covered.

Keep that information updated 
Update or check your personal information with your insurer once a year or when a major life event happens. Let them know if you change your cell phone number, get married, have children or get divorced as this can affect your insurance needs and your beneficiaries. To ensure continuity of cover let your insurer know if you change jobs or even start a hobby that could be considered dangerous. Not keeping your insurer updated on such changes might result in a claim being invalid, rejected or reduced.  Update your beneficiary details and ensure that your insurer has the correct names, ID numbers and contact details for each beneficiary listed in your policy. 

Empower your collective 
Keep your policy documents in a safe place where they can be found should you need to claim. Once a year, you can have a discussion with your family about the policies you have in place, what they cover, the premium amounts, when payment is due and how to pay. You can also teach your trusted family members on how to claim should the need arise. Make it normal to talk about finances with your collective – it is something that affects us all and we should get used to having discussions about our finances.

The claims experience doesn’t need to be riddled with anxiety and stress. If you are familiar with your cover, update your information and keep your policy and premiums up to date, your claim experience should be quick and painless.

For more tips on how to level up your financial game, tune in to the #WeStart2022Stronger web series on our Metropolitan FacebookZA page.