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Now Where Did I Put That Policy…?

Over the many years that I’ve been working in the insurance industry, I’ve had quite a number of discussions with people about their insurance policies. I’m often surprised when I ask people about their current policies that some people aren’t too sure exactly where they are or don’t really have a good record of what they do or don’t have in terms of their insurance policies.

While you might think this is because most people take out an insurance policy in the hope that they’ll never need to use it, it’s puzzling not to know where something is that you are paying for. (By the way most people don’t hope for a disability or traumatic event to occur, but being covered for it just shows you are prepared).

The irony is that in most cases, when comes time to make a claim, the person making the claim isn’t usually the person who took out the policy. By the very nature of personal protection insurance such as Life, Trauma or Income Protection Insurance the person to whom the policy applies is quite possibly disabled to some degree, or even no longer around. So it’s not only important that the person who took out the policy knows what the cover is and where the documents are, but also the beneficiaries of the policy know too!

Dealing with insurance companies can be a hassle at the best of times, so there’s really no need to make the issue more difficult by not having record of what you’re entitled to. The easiest way to do this is to treat your insurance policy documents like a valuable document. That means put them away somewhere safe. Don’t throw them away. Keep a record of where they are. And please make anyone affected by the policy is aware where they are too.

Normally, as a back-up, a good advisor should keep a copy of your policy document in his or her records so that they can review the cover with you. This means you can go there if you can’t find your own original documents.

It seems like a stupidly simple thing to do (keeping a copy of your policy), and I wouldn’t be mentioning it if I hadn’t directly dealt with so many people who really had no idea where their policies were.

If you have any questions about your current policy documents, I suggest you contact your current advisor. If you can’t find your documents (or your advisor), feel free to contact us here at Investors Direct. We are easy to find. Just email damian@investorsdirect.com.au

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Investors Direct Financial Group

Investors Direct Financial Group (IDFG) was established in 2001.
Our mission is to help our clients achieve and maintain their financial freedom.

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