We break down what you need to know when it comes to placing a claim through a life insurer and what happens if you are owed insurance money.

Could you be owed part of the R17.1 billion?

According to the Association for Savings and Investment South Africa (ASISA), there are approximately 147,000 policies and unit trusts to the value of R17.1 billion that are still waiting to be claimed. There are many reasons why policies go unclaimed with one of the main reasons being that the beneficiaries are unaware that the policy exists. Another reason can also be around the confusion of how the claim process works causing a delay in payouts from insurers. 

What if you are owed insurance money?

Placing a claim is crucial to ensure that an insurer pays you the money that is owed to you. However, it is important to understand the claim process that is relevant to the insurer you are claiming from. You can find out how the claim process works and what documents you will need here. You can submit a claim on a MiWayLife policy online to make the process smoother. 

How long do I have to submit a claim?

Once a life insurer is made aware of the passing of the policy holder, they will make an effort to contact the listed beneficiaries, which is why it is crucial to keep the beneficiary list up to date.

Should they not be able to contact the beneficiaries that have been listed or not have a claim placed within 24 months, the payout is moved into an unclaimed benefit fund and will remain there until it is claimed.

Life insurance payouts can take time

While some policies can be paid out between 24-48 hours, life insurance policies can take longer. The time frame can differ from insurer to insurer ranging from a period of a month to 6 months due to a careful process to ensure that the policy is paid out to the right people. An investigation is done to ensure that no fraudulent claims are placed and that the policyholder's death does not go against any of the listed exclusions that can cause the claim to be denied.