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Beware! Your Life Insurance Claim Can Be Rejected Due to These Simple Mistakes

The heart attack that killed you came without a warning.

You went to sleep peacefully, but in the middle of the night you woke up suddenly with a great deal of pain in the chest region. Within minutes, you were no more. In those minutes, some part of you was grateful you had a life insurance plan to take care of your family's finances after you were gone.

But will they receive your life insurance pay-outs? Or have you made one of the following errors, which could result in the claim being rejected by the insurance company?

Concealing Important Information

Concealing important information from your insurer while signing up for an insurance policy is a big no-no! You might be tempted to lie about your smoking or drinking habits or conceal the fact that you love adventure sports in order to pay lesser premiums. However, the devastating effects of this error may have to be borne by your family as the insurance company rejects the claim and all your financial planning becomes useless because of a small lie said so many years ago.

You Forgot to Update the Details of Your Nominee

Let's say your nominee is no more and you forgot to update the details of your new nominee with the insurance company. In such a scenario, the insurance proceeds or death benefit will be paid out to your legal heir. Also, remember that your last will and testament will supercede your nomination, so ensure that the former is in sync with the latter and the rightful nominee gets the benefits. 

Read Also: Have You Shared These 3 Financial Details with Your Spouse Yet?

It is in the nature of humans to forget, miss, or overlook things until it is too late. The same might happen in the case of insurance policies. However, unlike other instances, the risk can’t be taken here because you will no longer be there to fix it. To ensure policyholders do not overlook details or misinform or forget to make an important change in the policy, OneInsure would like to take this opportunity to introduce readers to the benefits of the OneInsure app. With the OneInsure app:

  • You get regular premium payment reminders, so you don’t miss paying premiums and your policy remains active.
  • You can add contact details of your nominee, so your nominee remains in the loop and can receive claim assistance immediately if and when required.
  • You can locate nearby network hospitals, garages, and blood banks.
  • You get to chat with insurance experts and ask queries through the app and get them resolved in a short time.
  • You get jargon-free explanations of details pertaining to your insurance policy.
  • You get policy- and claim-related tips regularly.

If you haven’t installed the OneInsure app, we suggest you do so right away to start receiving all kinds of insurance services regardless of whether or not you have bought your policy through OneInsure. Your small step today will ensure your loved ones experience a smooth and timely settlement of claim if and when required.

The ultimate objective of getting a life insurance policy is that the insured person’s dependents stand to receive financial assistance through the policy even in the absence of the family’s breadwinner. The policy brings peace of mind to the insured as well as his dependants, who know that they are not only financially secure, but they also won’t have to put an end to their aspirations and goals due to financial constraints no matter what.

For an instrument that is so vital in a person’s financial planning, it is always a good idea to be 100% sure there are no loopholes and the sum assured will be given to your appointed nominee without any hiccups if and when the time comes.

OneInsure's 500-strong insurance experts would love to solve any of your insurance-related queries. Feel free to call at 86559-86559 or email us at support@oneinsure.com.

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