Insurance Advisers Can Ensure You Get a Big Payout

Five ways an insurance adviser can maximise your chances of securing a significant payout

Everything in life comes with risk and buying insurance means you have a safety net, offering protection when life’s unexpected moments strike — be it a health problem, car accident, damage to your home, or a business disaster. But what happens when your claim gets declined? And how can you ensure you get a payout when you need it most?

A rejected claim can amplify the stress of an already difficult situation, leaving you frustrated and out of pocket. This is where the expertise of a good insurance adviser becomes invaluable. Not only will an adviser help you secure the right cover in the first place, but they also help ensure you get a payout when you need it most. In fact, that’s probably the biggest benefit of having an insurance adviser.

Let’s explore five ways an insurance adviser can maximise your chances of securing a significant payout should something bad happen and you need to make a claim.

1. Selecting the Right Policy from the Start

The foundation of a successful claim begins with selecting the right insurance policy. With an ocean of options and different levels of cover available, it’s easy to get overwhelmed by choice. Many will seem appealing but upon reading the fine print you could find they don’t meet your specific needs, or you get the amount of cover wrong, and the policy doesn’t meet your needs. A well-informed adviser helps you navigate the complexities of policy selection, and the amount you need.

A property investor learned this the hard way when his insurance claim for loss of income was denied after their property was damaged in a weather event. The issue? He had listed the property on Airbnb but hadn’t updated his insurance to reflect the change from a long-term tenant to a short-term rental. Although the insurer covered the damage to the property, the claim for lost income was declined because his policy still described the property as tenanted, rather than being used as an Airbnb.

An insurance adviser ensures that you don’t just get a policy, but the right policy. They assess your needs — be it for your personal life, car insurance, home cover, or business protection — and recommend policies that provide comprehensive coverage without leaving any gaps. The right policy is the first step to ensuring you’re covered for potential future claims.

2. Ongoing Policy Reviews and Support

Life changes, and so should your insurance. One of the most significant advantages of working with an insurance adviser (sometimes called an “insurance broker”) is the ongoing policy review process. Your adviser won’t just sell you a policy and walk away — they’ll periodically reassess your coverage to ensure it still meets your needs as your life circumstances evolve.

Consider someone who initially purchased a life insurance policy when their children were young and financially dependent on them. As the years passed, their circumstances changed, their children grew up, became financially independent, and their mortgage was paid off. This could mean their life insurance policy no longer matched their current needs, and they only realised this when they reviewed their financial situation.

An insurance adviser, which could have been one of the team here at Become Wealth, would have conducted regular reviews of the client’s policy, ensuring that their coverage evolved in line with their changing needs. By doing so, you can avoid paying for unnecessary coverage and ensure you have appropriate protection for your current life stage and personal needs. This proactive approach can make the difference between overpaying for insurance and having a policy that truly fits your needs.

For this reason, many of the advisers here at Become Wealth have recommended more people cancel insurance than take out new or larger policies!

3. Expert Advice Through the Insurance Claims Processes

The claims process is where an insurance adviser really proves their worth. When it comes to securing a big payout, a strong ally can be crucial. One New Zealand woman ended up with a $300,000+ bill because her health insurance denied her claim. It’s crucial you get it right and have someone in your corner.

The claims process can be complicated, with insurance companies scrutinising every detail to minimise their payout. Without the right knowledge or support, you may face challenges that could result in lower payment or outright rejection.

Insurance advisers are experts at navigating these complexities. They know what insurers are looking for and how to present your claim to maximise the chances of success. In some cases, they’ve even managed to turn around rejections.

Hands-on assistance is often the difference between a denied claim and a successful one. Advisers not only file the claim on your behalf but ensure that all necessary documentation is in order, ensuring your claim stands the best chance of being approved.

Learn more: Should you canel your insurance policies to save money?

4. Avoiding the Pitfalls of Non-Disclosure

Non-disclosure is if you fail to mention critical information during the application process. This is one of the primary reasons insurers reject claims. Whether it’s your medical history when applying for health insurance or disclosing the extent of your home’s renovations, leaving out key information can result in a claim being denied when you need it most.

Online insurance applications, while convenient, often miss the thoroughness required to capture your situation. This is the beauty of an insurance adviser, who goes beyond the basics, and asks detailed questions and ensures that nothing is left out.

By ensuring all details are thoroughly disclosed and properly documented, an adviser reduces the risk of claims being rejected due to non-disclosure. This oversight alone can significantly increase your chances of receiving a large payment when a claim is made.

5. Tailored Advice for Maximum Policy Benefits

Insurance policies often come with hidden benefits that many policyholders aren’t even aware of. These might include add-on features, special clauses, or hybrid policies that combine multiple forms of coverage. Without expert guidance, you may miss out on these extras, potentially leaving money on the table.

A knowledgeable adviser can help you understand and maximise these benefits. For instance, certain medical policies offer coverage for diagnostic tests and specialist consultations, which can be extremely costly without proper cover. Similarly, advisers can clarify the implications of choosing between standalone or accelerated trauma insurance, each with distinct advantages. While standalone trauma cover is independent, accelerated cover reduces the life cover after a claim is made, making each option better suited to different needs.

In today’s insurance landscape, policies have become increasingly complex, reflecting the diverse needs and circumstances of policyholders. One area that has seen significant evolution is the inclusion of mental health clauses and payments. These provisions are now more common, acknowledging the importance of mental health alongside physical health. However, the specifics of these clauses can vary widely between policies, making it crucial for policyholders to understand the terms and conditions thoroughly. Insurance advisers can help clients decipher the fine print, ensuring that mental health coverage is adequate and aligns with their needs.

By ensuring you understand all aspects of your policy, your adviser can help you leverage every available benefit. This insight ensures you not only receive the right cover but also enjoy all the advantages built into your policy, which can lead to a more substantial payout when you need it.

The Bottom Line: Get Insurance Advice. Get the Insurance Payout

Insurance isn’t just about paying premiums — it’s about peace of mind. A good insurance adviser provides ongoing support, ensuring that you’re not only covered but that your policy evolves with your changing needs. From selecting the right policy to navigating the claims process, an adviser acts as your advocate, working tirelessly to secure you the best possible outcome.

Whether it’s guiding you through non-disclosure risks, helping you understand hidden benefits, or fighting for your claim, their role is pivotal in ensuring you get the payout you deserve.

Having an experienced adviser by your side isn’t just a luxury, it’s a necessity. And when the time comes to file a claim, that decision could mean the difference between a denied claim and a significant payout.

It would be the pleasure of one of our trained professionals to help you advise you, so get in touch today for a free consultation.