INSURANCE: Review Your Insurance Policy Before Going on Holiday in December
Recent Gauteng Business News
The last thing anyone wants to think about when planning to go on holiday or visiting family over the festive season is preparing for the unfortunate event of death, injury or disability resulting from car road accidents.
Statistics released by the Ministry of Transport earlier this year, revealed that road accidents and deaths increased by 11 and 14 percent respectively, between 01 December 2015 and 11 January this year.
Lee Bromfield, CEO of FNB Life, says according to the statistics, the probability of getting involved in a car accident significantly increases over the festive season. If you are going to be travelling on the road it is important to review and update your funeral and life policy in case anything happens to you or your family.
“Also take extra precautionary measures and avoid illegal and irresponsible behaviour or doing anything that may result in your insurer delaying to process your claims,” cautions Bromfield.
The Ministry of Transport found that human factors mostly contributed to the road accidents, including jay-walking, speeding, and overtaking on the wrong side of the road, hit and runs as well as drunk driving.
Bromfield says in the event of an accident while travelling, the most important thing is to ensure that you or your family have sufficient cover and can seamlessly claim from your insurer without experiencing any challenges.
“For example, FNB Life is continuously looking for ways to reduce the amount of time that customers wait for their payout. However, while we currently pay about 80% of claims within a day of receiving all documentation, it is essential that our customers’ policy documents reflect the most accurate and up to date information, in order for us to fast track the process.”
He says just because your monthly debit order goes off every month it does not mean you do not need to update your policy. If there has been any change in your personal details such as marital status, address, contact details and beneficiaries, you should update your policy.
Furthermore, also make sure that the cover amount is still sufficient as your personal circumstances may have changed i.e. having a bigger family and more financial responsibilities.
“Before going on that well deserved holiday take a few minutes to review and update your funeral or life policy and have peace of mind knowing that you and your family will be adequately covered in the event of an accident,” concludes Bromfield.
Business News Sector Tags: Insurance|