Making sure people aren’t miss-sold an insurance policy, has become a mission. So it’s important that before you buy any insurance policy you understand exactly what it covers you for and what you can claim for, should you need to.
Over the past few years working with clients, I’ve learnt that there are common mistakes people make.
Non-disclosure – It’s important to tell your insurer everything from medical history to pastimes. Everything is relevant in the event of a claim. Non- disclosure ranks as the top reason insurance claims are denied. We can’t emphasise this enough, tell your insurer everything!!!
Not understanding your insurance policy –It’s important that you fully understand what your insurance covers you for.
Not having enough insurance – Let’s face it, nobody likes paying for insurance. Spending money to protect you against something that might never happen probably feels like a total waste of money. But you should always insure yourself for the amount you actually need. Insurance is a financial safety net! You can’t predict the future, but you can protect yourself.
Not updating your cover –life isn’t static, neither should your insurance be. Notify your insurer of any changes, such as but not limited to, health changes, hobbies and past times, getting married, getting divorced, buying a new property, having a child; Never just assume that your policy is fine. We recommend you review your policy as standard every two years
Income protection policies- You can expect to receive a percentage of your current earnings before tax. Income protection policies pay a percentage of your taxable earnings, not to be confused with your gross turnover.
Policy lapses- If you don’t keep up your payments your policy will lapse and you won’t be insured.
Medical evidence –Make sure you have evidence from your GP or hospital that clearly states what has happened, how it happened, what the injury is and how long your signed off from work for.