Unclaimed benefits

11/29/2010 1:34:48 PM

Some of the most gratifying moments in a Financial Advisors career are when he/she sees the change a benefit payment makes to a/the surviving person(s) following an unfortunate incident.  May it be a Trauma, disability, accident or Death payout – certainly it can never replace what was but the support it brings makes for appreciating why we are in this industry.

I had such an experience some weeks back – trauma payout for liver scerosis and while assisting the clients I was wondering how many policyholders actually understand their policies and know when and if they do qualify for benefits.  The definition of benefits differ from company to company and so does the comprehensiveness of the cover so did you claim when you qualified or did you too not know whether you qualified or not?

Fact is we should contact our broker whenever we suffer any loss – whether temporarily or permanently whether to our person (risk insurance policies/medical insurance) or to our assets (short term insurance).  Too often we end up not claiming due to our ignorance or should I say lack of understanding of what we have.