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Claims… Everything you need to know

Claims… Everything you need to know

Nobody wants to have to make a claim on a life insurance policy, however when a life changing illness or injury happens the reassurance of the financial security they bring can quite literally save a persons life. Our industry is quite rightly proud of the number of claims and families we support each year but often the numbers are not enough. Real life stories can highlight the impact of illness and bring home the need to protect against the financial struggles that may follow. In this article we highlight bring together a number of real life claim stories and highlight the importance of getting the claims process right so that customers are not put through any more stress at a time when our industry is needed most.

 

Income Protection Claim Stories

Income protection is the jewel in the crown of the protection industry and sales are quite rightly increasing. COVID-19 more than anything has highlighted the need to protect ones income against illness, however based on product sales it still plays second fiddle to life and critical illness.

The 7Families message is no less poignant today than it was when the initiative was launched over 5 years ago. The number of advisers we see promoting and explaining income protection over social media is really encouraging and lets hope this encourages more advisers to look at protecting income first.

In this article we have pulled together real life income protection claim stories from a number of insurers and of course 7Families to help advisers highlight the benefits of this contract.

To read more click here

Critical Illness Claim Stories

Throughout the COVID-19 pandemic we have seen some insurers report a drop in critical illness claims. It is thought that the reason behind this is that less people were visiting their GPs for the day to day ailments and as such more serious conditions are not being picked up. Based on this, as lockdown eases further we are likely to see an increased waive of critical illness claims and perhaps more than we might expect as conditions that might have been treatable have progressed to something more serious.

With the long term health effects of COVID-19 still largely unknown, it is also possible that we might see an increase in critical illness claims in the longer term. Potential increases in respiratory, organ and even cardiovascular conditions in people that have suffered from the disease are not out of the question.

Such concerns may mean that critical illness plans are more valuable than ever and in this article we have pulled together real life critical illness claim stories from a number of insurers to help advisers highlight the benefits of this contract.

To read more click here

Claims Processes

When a client needs to claim on their protection policy, they are likely to feel a bit daunted by everything that has happened to them. Death cIaims will leave survivors in a spin, a serious illness or injury will have affected the clients ability to work and they may have no idea how long for.  Coupled with that, their ability to receive the lump sum payment or replacement income to pay the bills is out of their hands to a large degree and depends on the men and women who handle claims within their insurance company. This can be nerve-wracking for some and so it is up the claims handlers at insurance companies to put them at their ease and make the claims process as easy as possible. 

To read more click here 

Watch out for future “Everything you need to know” pieces where each week we will cover a different topic and provide you with the information you need to know to discuss the topics with your clients.

About The Author

Adam Higgs

Adam leads Protection Guru's detailed protection research and benchmarking of both product and operation features provided by insurers and has a vast knowledge of the protection market. He has been instrumental in building the protection comparison service Quality Analyser and maintaining the data to enable adviser to quickly and easily compare protection products based on qualitative measures. He also works with adviser firms to help in panel reviews and with insurers to help them understand the shape of the market, their strengths and the areas that could be improved in their products. In his spare time and when not spending time with his wife and two children, Adam is a keen Arsenal fan and enjoys hacking his way around a golf course.

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