Sometimes insurers can decline a claim for seemingly obscure reasons.
One of Vesta's existing clients passed away suddenly from an undiagnosed heart condition. Other than being a smoker, he appeared to be a healthy 59-year-old with nothing remarkable in his past health history. We submitted the claim for the family expecting that it would be accepted quickly and without issue.
This is a short, but rather sad, story about a claim we helped get paid after the client had written to the insurer to cancel his policy.
It was late January and a client of another insurance adviser found himself in financial difficulty so had taken the all too common step of asking his insurer to cancel his policy.
I'm probably biased but I think anyone who buys life insurance from a bank is asking for trouble.
Not only are the products they sell almost always inferior to the rest of the market but you are also in a precarious position. You're only able to choose from the bank's products and are being advised by an employee adviser whose first loyalty is to their employer.
This ex-client's wife contacted us to ask us to review their need for the life & total & permanent disablement (TPD) policy they'd had in place for many years. The TPD sum insured was $700,000. The premiums had grown to over $1,100 per month and affordability was an issue given that he had developed Parkinson's Disease and had been forced to retire.
Vesta Cover
237 Kilkenny Drive
East Tamaki Heights
Manukau 2016
info@vestacover.co.nz
Hours 8am to 6pm