In Kuala Lumpur, RM300 million of benefits went unclaimed in the insurance and takaful industry. The same goes for the situation in Singapore, an alarming amount of over 8,000 insurance payouts in Singapore are unclaimed in 2016. We tend to forget about these insurance documents and just dump them at a certain corner of our homes.
We get you; it is hard to track the amount of important paperwork and documents that snowball over time. Woefully, insurance documents are often misplaced and overlooked, resulting in many unclaimed insurance policies. Has any of your loved ones ever experienced this? And what happens if you do not start streamlining your insurance policies?
Could an insurance company have owed you a life insurance claim?
Life insurance documents are often used to provide payouts to your dependents in the event of death or permanent disability. But it is common that an older person will forget about the insurance policies that they have bought earlier in life. Or worse still, their beneficiaries are unaware that their loved one has gotten an insurance policy.
You wouldn’t want to see a huge amount assured, only to realize that the policy has lapsed, and you cannot make a claim for it. Keeping track of your insurance policies enables you to have a greater awareness about your policy duration. For instance, life insurance usually covers until the end of life, but term insurance has a coverage period up to a specific age or period.
Without keeping track of your insurance plans, it is hard to monitor if you are buying another policy covering the same risk. I’m sure you do not want to pay for multiple insurance policies and only be able to claim for one of them. Insurance products can be very complicated, even for financial advisors they may get confused. Therefore, it is also important that you take charge of your own finances and policies!
You will now know exactly what plans you have, what you’re covered for, and how much you’re paying. With Syncwealth’s
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