No-one wants to be in a situation where making an insurance claim is necessary, however a simple, stress-free claims process can quickly help turn a negative into a positive. As an iWYZE customer, you’ll already have the right type of car and household insurance to see you through life’s more challenging moments – now all you need to do is contact our team of professionals and let them make the claims process as easy and hassle-free for you as possible. To register a home or car insurance claim with iWYZE, simply contact us by either: Calling us on 0860 93 94 93 (Mon-Fri: 08:00 to 18:00, Sat: 08:00 to 12:00) Sending us an email with details of your policy or ID number Or SMSing “CLAIM...
Continue reading...
U.S. Life Insurance COVID-19 Impact: A Mortality Claim Forecast Boston, April 30, 2020 – The COVID-19 pandemic has challenged the day-to-day operations of the life insurance industry in the U.S. and across the globe. And while these challenges will have long-term impacts, the number and monetary value of the unanticipated death claims that will come from this virus are the most immediate threats. It isn’t just the dollar amount that carriers should fear but also their preparedness to handle an unexpected influx of death claims and to manage the experience for beneficiaries. This report offers life insurance executives the estimated volume of death claims associated with COVID-19, the...
Continue reading...
How Covid-19 could affect your life insurance What are the options around the current situation with Covid-19 and your life insurance? We try to unpack the small print. As Covid-19 continues to claim lives and the numbers keep increasing in the country, many South Africans who previously didn’t have life cover are contemplating the thought. But what are the options and the current situation around life insurance, even if you are insured? Life insurance or life cover is a way of protecting loved ones financially if you were to die. The funds could be used to settle the debt you incurred, or, depending on the amount you were insured for or could afford, could assist your spouse and...
Continue reading...
Life Insurance Claim Articles Claiming Your Life Insurance Policy If you have not yet purchased a life insurance policy and are interested in doing so, it is critical that you diligently and thoroughly read through the document, ensuring all information and facts are correct. If you are coping with the loss of a loved one shortly after the life insurance policy was issued, the insurance company might possibly suggest something known as the contestability clause. In most states, there is a 1-2 year window that is referred to as the insurance company's contestability time. This indicated window of time is when the insurance company can evaluate the information on the application and decide...
Continue reading...
Bad times never come with announcements. Although there is nothing that can compensate for the loss, life insurance ensures that the troubles are somewhat eased for the deceased’s family. However, the trouble just begins while filing for the claims as there are many intricacies and loopholes prevalent within the procedures. According to Insurance Development Authority of India (IRDAI) annual report 2017-18, life insurers have paid Rs239 crore as claims towards settlement of 64,039 claims in the same year. Out of the total number of claims registered by life insurers with respect to health insurance products, insurers have paid 79 per cent of claims while 20 per cent were repudiated or...
Continue reading...
Are you sitting on the fence about taking out life cover? Worried perhaps that the insurer is going to find every reason, under the sun, to not pay out? There’s always that one nightmarish story floating around the office watercooler, isn’t there: “Did you know that Thandi’s husband passed away and the life insurance company is refusing to pay. It’s criminal. These life companies just take our premiums and then conveniently don’t pay when it suits them”. The perception that insurance companies are out to steal policy holder’s money is something that’s been around for ages. Is it a fair rap? The truth is that most life insurance claim rejections come down to just one thing: Non-disclosure...
Continue reading...
Thinking about money when a loved one dies is difficult, but life insurance is taken out to protect the people left behind. In a way, collecting the benefit is a part of carrying out their wishes. And if you’re a beneficiary, getting in touch with the insurance company may be all it takes to get started. How to make a life insurance claim Claiming a benefit is relatively straightforward. Follow these steps to make your claim: Locate the agency. If you don’t have the policy or account number, all you’ll need is the name of the insurance company. Contact an agent who should be able to guide you through the process. Get a copy of the death certificate. The funeral director...
Continue reading...
A claim for indemnification under a liability insurance contract only arises when liability to a third party for a certain amount has been established. For purposes of prescription, the debt becomes due when the insured is under legal liability to pay a fixed and determined sum of money. Until then a ‘claim’ for indemnification under the policy doesn’t exist and cannot prescribe. The insured in Magic Eye Trading 77 CC v Santam Limited had been sued by a third party for damage to his vehicle allegedly as a result of the negligent conduct of the insured’s employee. The insured joined the insurer to the proceedings as a third party based on their insurance policy which included indemnity...
Continue reading...
Many individuals purchase life insurance policies to ensure that their loved ones are protected and provided for in the event that they are unable to do so, as the result of an untimely death. Following the loss of a financial provider of a family, beneficiaries can suffer another financially devastating problem — their loved one’s life insurance company may deny or dispute payment of their life insurance claim. Life insurance can be very complicated. There are many different types of policies including term life insurance, cash value life insurance, whole life and universal life policies. Insurers Protect Their Bottom Line by Limiting Payouts Billions of dollars in annual...
Continue reading...
Claiming Life Insurance Dealing with a death is never easy and the last thing you want is a mountain of complex paperwork as you try to determine how to claim life insurance. Here at Compare Cover, we want to make things as simple as possible for you, so we've created this guide to give you an insight into the claims process and how to claim life insurance should the worst happen. Insurance providers are aware of how difficult paperwork can be at this time, so they will try to keep the process as simple as possible. When and How Can You Claim Life Insurance? If you're the immediate next of kin of someone who dies or are named as the beneficiary on someone's life insurance policy and they...
Continue reading...
