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.