When it comes to niche protection, a fine eye for detail is important. Therefore, it is essential to get an appropriately qualified adviser to look after your affairs.
Getting the right protection in place for certain lifestyle scenarios takes time and due diligence. This entails asking the right questions from the start to complete the initial research. This is key in ensuring that the client gets the correct provider, and the correct product is written up in trust to give peace of mind for the insured and their family.
I recently dealt with a new client, an Oil Worker who has worked in a dangerous region of the world since Oct 2016. He had a Life insurance policy and a joint critical illness policy in place for himself and his wife. The policy was taken out in January 2017. On reviewing the policy, plus a conversation with the provider, it transpires that it would not have paid out if there was a claim. This is for three reasons.
First of all, the policy stated that the individual could not be out of the country for more than 30 days at a time. However, the client is on a 5-week rotation and away more than 180 days of the year.
The second reason the wrong job description was documented on the policy giving a false impression of what he was doing while away.
The third reason is that there was a wrong date of birth on the policy. It was 10 years out on one of the joint holders. This would make the premium a lot lower but also would not have been valid if a claim had been made.
The so called financial adviser who wrote the policy should be ashamed as they were not diligent in the process. It doesn’t bear thinking about what could have happened if these aspects were not spotted and certain scenarios were to play out in the future.
We are in the process of rectifying and getting the appropriate cover in place. This is not a 10-minute job. To get the appropriate cover a good amount of time has to be taken to get all the particulars in place. Information such as job description, how clients travel to work, what airport they land at, where they are staying when they land, how they get to and from the airport, is it guarded and accommodation etc.
Everything has to be correct and in place for particular scenarios. If a client requires expert knowledge on protection insurance, then they also want to know that when being advised all the right questions have been asked to take all the information into consideration, we will advise what we think is needed taking affordability into consideration. This will give them peace of mind knowing that their lives are protected if tragic circumstances were to take place.
If you have any concerns about your own cover or you just feel you need to review the cover you currently have in place, please get in touch.
The case study on this page is for illustrative purposes only and does not constitute advice.
