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Funeral policies: Make sure you are getting what you pay for
By Opinion
By Anton Keet
We have all read stories around recent funeral scams where people pay monthly premiums â only to find out that no payment is made when the time to claim comes. It is often found that the policies are fraudulent - and not underwritten by an insurer or the cover isnât with a registered insurer. Bogus funeral parlour insurance products have now become popular practice, leaving many reeling victims behind.
While many legitimate insurers will pay out when you need them to, there are still people who try and sell fraudulent funeral policies that are not backed by reputable financial service companies, leaving policyholders high and dry when they claim. We want to make sure this doesnât happen to you or any of your loved ones!
How to ensure your insurance claim is not rejected
By Opinion
By Anton Keet
The pay-out from life insurance or disability or dread disease cover can help you and your family cope financially in difficult times. But if an important detail is not disclosed – even if it was not intentional – this may lead to a claim being rejected by the insurance company.
If you claim for a benefit you are not entitled to, that’s insurance fraud. This might be deliberate – falsifying documents, for instance – but it may also be the unintentional non-disclosure of important information.
As much as 60% of the claims declined by life insurance companies belonging to the Association for Savings and Investments SA were not paid because there was non-disclosure of some form by the policyholder. In many cases, the non-disclosure was inadvertent.
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