Is it too late to claim? The value of regular reviews

When conducting an insurance review with an existing or new client, we can come across situations where something has happened, the client’s insurance covers it, but they haven’t made a claim.

When life throws a curveball, there can be a number of reasons people may not make a claim right away. They may not know that the insurance they have in place covers the incident, or they may have been so busy focusing on getting themselves or their loved one well again that chasing an insurance claim slips their mind.

This is exactly what happened with our client Pam. We offered a review of her existing insurance policies, and in the process found she had been diagnosed with cancer a year earlier and was in remission. While Pam’s body was still recovering from the trauma of cancer and its treatment, their finances had also taken a significant beating and they were working hard to get back on top.

Through our review, we found that Pam had trauma cover in place, which covered a cancer diagnosis, the good news was that Pam was still eligible to claim. We helped Pam with her claim and days later her financial stress was gone.

This highlights the need for regular reviews. While not everyone is going to end up with a claim after a review, there are several lifestyle changes that may result in a change in your insurance needs.

These could include:

• Increasing or decreasing your mortgage

• A relationship change

• An increase or decrease in dependants (such as a new baby, a child moving out or a parent moving in)

• A change in employment such as a new occupation or becoming self-employed

• An increase or decrease in income

• A health or lifestyle change such as quitting smoking

The main purpose of a review is to touch base and make sure you have the cover you need, but also make sure that you are not paying for cover you don’t need.

If you think you may have a claimable incident or want to review your policies get in touch with one of our advisers.