How to Ensure Fast Life and Disability Insurance Payouts

March 14 - Alexander Forbes Life Limited has highlighted a number of ways that South Africans can ensure that they or their loved ones are paid out on a life or disability policy without any hassle.

"Ensuring that you are paid when you call on life or disability cover requires a little more than just paying a monthly premium," said the Managing Director of Alexander Forbes Life Limited, Selwyn Kahlberg.

One of the most important ways to ensure fast, prompt payouts is to ensure that all relevant information was disclosed on the insurance application.

A previous medical condition that was not disclosed to the life insurance group, will most definitely be uncovered and the policyholder will not be paid out if that medical condition reoccurs.

Insurance policies should also be revisited regularly to ensure that the holder is sufficiently covered.

Changes in one's personal status, jobs, and so forth will definitely affect the amount needed to cover a family sufficiently. The policy taken out by a single man in his 20's will not be enough to cover his wife and three children should he suddenly die 15 years later, unless it was expanded to include the changes in his life's situation.

Kahlberg also suggests "drawing up a budget reflecting your family's daily needs and expenses when deciding the level of cover required."

Family should also be informed about where insurance policies and other important documents are kept.

"It is advisable to keep the policy in a safe place, telling loved ones where the policy is and who they should call in the event that it is needed," said Kahlberg.