Life, Trauma, Income Protection and TPD insurance are there to cover you for dire events. So when you need to make a claim, you need it approved NOW – and paid as quickly as possible. Unfortunately, that’s not always what happens. ASIC recently found that some life companies were rejecting as many as 1 claim in every 3*. That’s quite an alarming statistic, but bear in mind it’s not all life companies, only some.
ASIC also found that the “claim declined” rate was around 50% higher where the claimant went direct to the insurer than if they went through an adviser. In other words, you have a much greater chance of success with an adviser.
Why is that? In our experience, there are several reasons:
Professional advisers have the technical expertise to help you get the right cover in the first place
We can also guide you to a Life company that has a better claim-payment culture and track record
And just as important, we can help you make the claim – doing the paperwork and getting it paid promptly.
Recently, a client of Wahlstrom Financial Services received a Trauma claim payout of $871,000 and an ongoing Income Protection payment after his cancer diagnosis in early 2017. If our advisers and claims team were not involved it would have resulted in a legnthy delay in the processing and payout of the claim.
“This is all thanks to you (Leigh), Tony and your fantastic financial team. Despite your concerns, my wife and I have been very impressed with your efforts from our very first consultation to more recently the payouts. We have been very happy with the time to payout of both claims through our insurers.
Without you and Tony’s direction, guidance and attention to detail, which lead us to apply for the top cover, we would have been looking at a very different financial position. Including loss of our house, car and children’s private schooling just to name a few. Without the financial pressure we can focus all the energy on my health.
You and your team are caring, empathetic, efficient and trustworthy. Well done to you all. You will be, and I must note have been highly recommended by us.”
Remember, if you or your dependants are making a claim, then there’s likely to be plenty of stress as it is. It’s great to have someone else take that additional burden and stress away, and also to get the result you’re after – your claim accepted and paid.
If you have any concerns in relation to the levels of your existing cover, or would like to enquire about claiming on your policy. Please contact your adviser.
Note: Client names and insurer details have been removed from the client testimonial for confidentiality purposes
Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.