Investing in a life insurance policy is all good, but you need to take specific measures in order to avoid any claim rejection. There are so many expectations, conditions, and clauses in a life insurance plan that it is easy to overlook them and face the rejection afterwards. In simple terms, failure to meet any of these requirements or expectation would result in life insurance claim rejection.
For example, you will only get your insurance benefit paid out if you fell ill under specific conditions at a particular time and you notify about the same to the insurance company through a particular channel.
To overcome this issue, we have provided five tips that you can follow that you must look into if you are a life insurance policy holder.
Let’s get started.
#1 Make sure that your insurance provider knows necessary details about your health and other aspects
Don’t conceal information from your life insurance company that may result in any medication condition requiring you to hospitalize. Your life insurance claim for any disease will be tracked back to your application form that indicates that this disease was a possibility. Moreover, you will need to reveal any smoking or drinking habits or any existing disease while applying for the policy. If you haven’t told the insurance provider about any of it, the sum assured, and benefits will not be given to your dependants or you.
#2 Make sure that your premiums are being paid on time
Your policy will lapse for the delay in premium payments. Once your policy lapses, it will be rendered useless, and you will no longer be covered. Therefore, you will have to make sure that your premiums aren’t due and are paid in a timely manner every month. The best thing you can do is set up an automatic deduction with your bank that will ensure that the monthly premium amount is deducted automatically before the due date. Delaying the payment could lead to resistant charges and penalty charges depending on the insurance provider.
#3 Don’t delay in filing insurance claims
One of the biggest mistakes that policy holders make while filing for a claim is delaying the process. While it can easily slip off your mind during a medical emergency, a quick call to your insurance agent will ensure that you get the sum assured. You should share the information details with someone trusted in your family so that in the case of emergency, even if you forget about it, someone you trust will make arrangements for that.
#4 Only you should fill the application form
When taking up the life insurance policy, don’t trust the agent of what he says and claims. It should be only after you read all the terms and conditions properly and fill the form all by yourself. The agents can deceive you. Ensure that every question you ask while filling the form is answered satisfactorily by the agent.
#5 Accept medical examinations
In order to get a better understanding of the medical condition, the insurance company may sponsor your medical tests and examinations. The more they know about your medical condition, they can’t claim that you withheld information from them.
To prevent life insurance claim rejection, you need to keep yourself updated all the time. Moreover, it is important that you keep things clear with your policy provider so that everything is conducted smoothly in a period of a medical emergency.