When Life Insurance goes wrong… 5 pitfalls to avoid
What percentage of Life Insurance claims do you think are paid out?
A fiver says you’ll probably guess wrong. If you’re right, the fiver is metaphorical.
So, around 95 percent of all death claims are paid out.
Believe it or not, the insurers actually want to pay claims. Without claims, there is no point in having Life Insurance.
Plus, they don’t want the bad publicity that goes with declining a claim. So, if you genuinely forget to disclose something, they’ll try to make some sort of payment. But if they get even the faintest whiff of fraud...
Moral of the story: don’t try and pull a fast one over the insurer. It won’t work in your favour if you’re caught.
So what are the Life Insurance pitfalls you should avoid?