Knowing what to do once a loved one has passed on and they had a life policy is crucial. You will have to place a claim with their insurer to get the payout, but what else do you need to know when placing a claim? Here is what you need to know.
How soon will my claims be paid out?
At what is always a difficult time for the family, most life insurance companies will do their best to handle your claim as quickly and efficiently as possible – but exactly how quick is that? How long can you expect to wait until you receive your payout?
If the claim is straightforward and the insurer has no reason to decline or fight your claim, then it would be very rare for your payment to take longer than two months; but more likely within two to three weeks. Most insurers will pay out a funeral benefit to help you cover the funeral expenses within 24hrs.
You will need the necessary documents
In order to submit a claim with MiWayLife after a policyholder has passed away, you’ll need:
A fully completed MiWayLife claim form found here
A certified copy of the Death Certificate
A fully completed DHA-1663 form
Certified copies of the ID of the insured life or of all the beneficiaries
Three months of bank statements for the beneficiary(ies)
How to go about submitting your claims
Most insurers will have an option for you to submit online or via email. Generally, this is easier for all parties as submitting documents electronically avoids the lengthy delays of having to physically post anything or go and hand in the documents in person. There is also a convenient record of all communication, making it much quicker and easier to handle claims.
If you are unsure about how to claim, the best option is to look on your insurer’s website for instructions on how to submit a claim. If you are still not sure, you can give the call centre a ring and they will direct you to the right place.
For MiWayLife customers, you can email your claim to claims@miwaylife.co.za and one of our dedicated claims team members will ensure that the process is assessed and completed as smoothly as possible.
If you have been asking yourself how you can place a claim on your life insurance or how the claims process works for the time when you have to place your claim, here is everything you need to know.
Make sure that you are honest
Like any relationship, you get the best results when you put your best foot forward by being honest. The same goes for taking out a life cover with an insurer. Being honest from the start about your medical history and your lifestyle leads to a relationship that is beneficial for you in the sense that you will be able to get the right cover for you and your loved ones. Not only will the claim process be smoother, but it will also give you peace of mind knowing that your loved ones are protected when you are no longer around to do so.
The underwriting process can affect your claims
Before you can have a policy under your name, you will undergo an underwriting process. Your insurer or an agent will ask you a range of questions to ensure that you are given the right policy for the right amount. No trick questions included.
Questions that your insurer will ask will be things such as your age, gender, height, weight, medical history, and any lifestyle choices that can affect your health such as smoking or drinking. It's crucial to share any diagnosis that you have been given by a medical professional to avoid being guilty of non-disclosure. Have a look at our blog post that helps explain how you can avoid being guilty of non-disclosure.
