Understanding your life insurance policy, and establishing from the beginning, that it is the right policy for you will save you time, money and potentially reduce the level of frustration when it comes to making a future claim. It has been reported that there is a 50% probability of a life event occurring, to any one person, that would result in the payment of a personal insurance claim whether it be life, total or disability insurance.
Consulting with a financial/insurance adviser will ensure that you haven’t wasted, or about to waste, money that could be put to better use, by contributing to a gifted policy by either employer or Superfund. Often there are circumstances where, in such policies, the claim may be reduced to almost nil payment.
Insurance policies that are not underwritten upfront cannot always provide a guarantee of payment when a claim is made. There have been many incidents reported of such occurrences’ which have become the nature of an ‘industry group’ or ‘Direct life insurance” policy.
For the most up to date, industry standard, and personal advice, that will address all your Insurance needs, including existing policies, Consult your Kofkin Bond and Co, insurance adviser. We endeavor to ensure we pay our clients a cheque when they need it most, in the most tax efficient manner possible.
We will consult you on any existing policy ensuring that it isn’t a low-cost insurance product that may not be designed to deliver to your expectations. Instead, we ensure the right sum, and policy is applied, protecting you at time of claim with the anticipated payout.
The purpose of insurance is to be paid at a claim. It is that simple – don’t be swayed by the abundance of marketing spin and information that is readily available.
Having paid out over $5million this year alone, I can assure you retail life insurance is not a “gifted” or expensive product.