So how do you make sure this happens?
It starts with the initial discussion with your adviser.
Make sure :
1) He/she is a registered adviser and either has qualification or has been in the insurance industry for some time. You want advice based on knowledge and experience.
2) Be open about your financial affairs. Most likely the adviser will provide you with a “Scope of Service”. Following discussion with you, this will confirm what service you are expecting. Eg. Recommendations on what sort of cover you should have. What amount of cover you should have, a comparison of product quality or premium cost with other insurers etc. A while after that you should receive from your adviser a written “Statement of Advice”. This outlines his/her recommendations and the rationale behind the recommendations.
3) When the amount and type of cover is decided upon, the application to the insurer can be started. It’s essential that all information about your health, occupation and any hazardous pastimes is included. Sometimes claims are voided because something material about health has been left out. If in doubt, put it in. (Note: Insurers are in the business of paying claims. They do not void a claim lightly)
4) Once the application has been assessed by the insurer, you will receive what’s known as an “Offer of Terms” from the insurer. This outlines whether the insurer will accept the risk. If so, will there be any exclusions? Will there be an extra premium because of health, occupation or hazardous pastimes? Read these carefully. Your adviser will go over them with you, but the ultimate responsibly is yours.
5) Claim time can be a stressful. You are already under pressure with sickness or handling the affairs of a deceased loved one. A good Adviser will handle the detail of the claim for you. The forms required by the insurer. Are medical requirements needing to be satisfied? Your Adviser should organise and make the process as stress free as possible.
I trust that’s been of use.