How claims work
If something does go wrong and you need to make a claim the best thing to do is to call your insurer or your Adviser and they can work through your claim with you.
Here’s how the claims process works:
- An unexpected event happens which you think you may have cover for.
- You get in contact with your insurer or Adviser and discuss the event, the impact and how your policy protects you. Generally, the earlier you get in contact with your insurer the better. Having your policy number and claim details on hand when you call usually helps to speed things up.
- Your insurer will assign you a claims case manager who will work with you to submit your claim if necessary.
- Once submitted, your claim will be assessed. During this time you case manager will be available for questions, will let you know if more information is needed, and will let you know how your claim is progressing.
- If you claim is approved, your insurer will pay out the benefits you’re entitled to.
It pays to stay covered
When you buy insurance, you’re effectively taking up an ongoing expense just like rent or the costs to keep your car going. It’s recommended to factor the costs of premiums into your budgets so you can be confident in your decision. You can’t predict when you may need to make an insurance claim, so it’s important that you can maintain premium costs for the long term.
Before taking up new insurance, it helps to assess any other insurance you currently have to avoid any unnecessary overlaps and/or unintended consequences in terms of the cover you’re paying for. Make sure your level of cover accurately reflects the value of what you’re insuring.
How a one-off payment can benefit the whole family
When things do go wrong your insurer is there to help. Here is an example of how an insurance payment helps.1
Aroha was 42 with a husband and two young children. After seeing a doctor for a ‘niggle in her back’ she was referred to a specialist. Aroha was given the traumatic news that she had been diagnosed with bowel cancer and underwent a course of intensive chemotherapy.
The type of cancer Aroha had meant that under her AMP Trauma Policy she received a payment of $220,000 to spend however she liked. It gave Aroha and her husband funding to help them through a traumatic stage in their lives. It was a huge relief.
They chose to pay off their mortgage, which meant Aroha’s husband could take time off work to be with her and their children. Aroha got through the treatment and five years on she’s doing fine.
The insurance payment gave them financial security during this hugely stressful period and they continue to enjoy the security of knowing that even if the cancer returns, they will still be mortgage-free.