Want to find out how to make a life insurance claim? Learn about the process with Savvy today.
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Understanding how life insurance claims work and finding a policy with a seamless and straightforward process can be a real time-saver. By knowing about how this process works, you can prepare your beneficiaries for when you pass away or know the steps to take when claiming on a trauma or income protection policy.
You can find out all about the steps involved in the life insurance claims process, as well as what you may or may not be able to claim for, right here with Savvy. Read our handy guide to claiming on your policy to learn all the key details today.
The process of making a life insurance claim is straightforward. However, it can differ depending on the type of insurance you purchase and who you purchase it through.Â
Claiming in the event of death
In terms of what information will need to be supplied for a term life cover claim, your beneficiary will first need to provide the original policy document and schedule. On top of this and a completed claim form submitted to your insurer, they'll also likely be asked for the following:
Copies of documentation regarding the identity of the life assured and claimant must be certified, meaning they're witnessed and signed by an individual such as a Justice of the Peace, solicitor, doctor or police officer.Â
Claiming in the event of illness, injury or disablement
You'll need to gather up some supporting evidence which can help substantiate your claim. In addition to a copy of your policy and schedule and proof of your identity, you'll typically need to provide your insurer with the following information:
There’s no time limit as such when making a life insurance claim. However, Australian laws say you need to file a claim within six years of an incident occurring, or three years if you live in the Northern Territory. Individual insurance companies may have their own timeframes which you must follow, so it's important to check with them if you're unsure of how much time you may have to make a claim.
After you submit your life insurance claim, your provider will assess it based on your version of events and the evidence you’ve been able to provide. This assessment can take some time, with the type and complexity of your claim, along with how quickly you were able to provide information, impacting the time it may take to have your claim assessed.
During this process, your insurer may require further documentation or information from you to help them assess your situation accurately, so they'll contact you if they require you to provide more to help substantiate your life insurance claim.Â
Once your insurer has completed the assessment of your claim, they’ll notify you or your beneficiary of their decision to either pay your covered amount or reject it. It’s important to read over your policy’s Product Disclosure Statement (PDS) so you can get a complete picture of what’s included in your coverage and what isn’t. This will help you avoid filing a claim for something your insurance doesn’t cover.
What you can claim on life insurance depends on the type of policy you purchase. For example, a loved one can claim for your death through a term life insurance policy, but they won’t be able to claim for loss of wages due to a debilitating injury under the same policy. Becasue of this, it pays to make sure you’re across what’s included in your policy before you buy. It's also important to note that all coverage will be subject to your insurer's terms and conditions.
Life insurance companies also have a list of general exclusions which are effectively universal across most providers. However, it’s still a good idea to check what won’t be covered in your PDS, as coverage for pre-existing medical conditions can sometimes vary depending on who you buy through. Some of the common reasons why life insurance won’t pay out include:
It's always important to check with your insurer when buying your policy so you can be sure of what is and isn't covered and make any claims accordingly.
Disclaimer:
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
