There are real benefits in having a SHARE adviser guide you through a claim:
The SHARE claims process ensures every aspect of your claim is addressed in a timely and compassionate manner.
It's understandable you may have questions. To help clarify things we have provided some of our most frequently asked questions.
Q: Why is it important to read my policy document?
A: The policy document is the contract between the insurance company and the people who are insured. It is important to read the policy document so that you know what your rights and obligations are under the terms of your policy. It also sets out the insurance company’s rights and obligations.
It is important to read your policy document so that you know what your policy covers you for and what you will receive in the event of a claim.
The policy document also details if there are any special terms on the policy such as exclusions.
You should read the document within the first 15 days of receiving it so that you can make sure the information on the policy document is correct. If there is anything that you are unsure of, even if you think it is a trivial matter, let your SHARE adviser know so they can assist you or contact the insurance company for clarification on your behalf.
Q: Why do I need to send in my policy document in when I make a claim?
A: So that the insurance company can confirm who the current owner is and ensure that there have not been any changes of ownership.
Q: What do I do if I cannot find my policy document?
A: A Loss of Policy declaration will need to be completed by the policy owner(s). Your adviser can assist you in this situation.
Q: What does 'certified' copy mean?
A: A copy of the original document, sighted alongside the original and certified as a true copy of the original by a Justice of the Peace, solicitor or anyone else who is able to certify documents.
Q: Why is it important to have a power of attorney?
A: To act on your behalf if you are unable to do so due to location, illness or injury.
Q: What is the difference between a ‘power of attorney’ and ‘enduring power of attorney’?
A: Power of attorney: A person appointed under a ‘power of attorney’ acts on the appointee’s instructions. The power of attorney is valid until revoked, and may be granted for a limited period of time.
Enduring power of attorney: A person appointed under an ‘enduring power of attorney’ can act on your behalf if you are mentally incapacitated, and that power will not be revoked by your subsequent incapacity.
Q: What is a certificate of non-revocation Power of Attorney (POA)?
A: A certificate of non-revocation is a declaration by the appointed attorney that as at the date of the declaration the Power of Attorney has not been revoked. The certificate must be signed by the attorney every time they make an enquiry or process a transaction on the account holder's behalf.
Q: What is the difference between the life assured and policy owner?
A: Life assured: person who is insured.
Owner: person who gets proceeds of the claim.
Q: Who is entitled to receive the proceeds from my life insurance policy when I die?
A: The policy owner or the policy owner’s estate (if the policy was solely owned by the deceased).
Q: What if more than one person owns the policy?
A: The surviving owners are entitled to the proceeds and they will all need to sign a discharge form before the proceeds can be paid.
Q: Why is it important to have a will?
A: A will is your chance to say what you want to happen to your estate after you have died. You can choose an executor and beneficiaries and decide how your assets are to be distributed.
Q: Why do I need to send in proof of age when it is on the death certificate?
A: Because the date of birth recorded on a death certificate is given verbally and no proof is required when the death certificate is completed.
Q: What is the difference between an executor and a beneficiary?
A: Executor: administers the estate and ensures the deceased’s will is followed.
Beneficiary: benefits from the estate as per the wishes of the will-maker.
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SHARE advisers offer specialist advice in life and trauma insurance, income protection, health insurance, and business and ACC insurance.
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