It's the small details that matter. Having your claim denied can be frustrating, and this could be due to details that you may have left out by mistake or purposefully.
This is also known as non-disclosure, which might seem like a trivial thing to be penalised over, but this can affect your cover along with the claim process. Here is how you can avoid being guilty of it.
What is non-disclosure?
When you are applying for life cover to create a financial safety net for the people you love and care about you will undergo what is known as the underwriting process. During this process, you will be asked questions relating to your medical history, health, gender, age, occupation and lifestyle.
This is done to help insurers find cover that is tailormade for your needs and will adequately cover your loved ones in the future. It is vital that during this process you give information that is truthful and accurate. It is also important to inform your insurer of any health or lifestyle changes that occur in your life so that they can update the cover accordingly.
What happens if I leave out information?
There are a few reasons as to why someone will leave out information. Deliberately leaving out information means that you have intentionally chosen not to share information about a medical condition, lying about your age or lifestyle activities.
There are also scenarios where people unintentionally leave out information due to a misunderstanding of a question that is being asked or having forgotten about a medical condition that they have suffered a while back. These could both affect your policy and the claim process.
It is vital to provide your insurer with the correct information to ensure that you are adequately covered. If it is something that happened to slip your mind during the application process but you happened to remember it after you have applied, tell your insurer immediately.
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What will happen to my policy?
Should it be found that there are false documents that have been submitted, fraudulent activity, or actions intentionally aimed at misleading your insurer, the policy will be cancelled and claims will not be permitted. This also means that any premiums that have been paid up to this time will not be returned. This could also affect the cover and future claims from your beneficiaries.
How do I avoid being guilty of non-disclosure?
All information supplied to us by the policyholder, on behalf of the policyholder or any person, covered under this policy must be true and complete. It remains the policyholder's responsibility to make sure that the information provided is correct.
If you find yourself unsure or unable to understand what is being asked of you, ask that the question or information be repeated. Having the necessary information on hand about you and the beneficiaries you wish to cover can also ensure that the application process is a smooth one.