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July2018

 

Policy wording - will your policy pay?

The topic of policy wording is one I take very seriously. But first what is policy wording? Policy wording is contained in the document you received from the insurance company when you first took out your policy. This document determines when an insurance company pays you a claim.
This is the document that no one ever reads.

Should you read policy wording?

Of course you should. Will you understand the policy wording? Probably not!

As an adviser it is paramount that I understand your policy wording, firstly from the point of which Insurance Company to recommend to you, and secondly should something happen to you medically, save you the time to have to explore your policy document to see if you can claim.

So why is policy wording so important?

The simple reason is the more in-depth the policy wording the higher the likelihood that you will be paid a claim. I hear you say - insurance is insurance isn't it? The answer to this is emphatically NO.

All insurance companies have different policy wording and therefore pay claims under differing circumstances.

The policy wording is so wide ranging from "NO WAY WILL WE PAY" to "NO PROBLEM THE CHEQUE IS IN THE MAIL. So you need to have the best policy wording.

But how do you know who has the best policy wording and who doesn't?

That's why you have an adviser. Myself, I study policy wording on pretty much a monthly basis to make sure I only recommend the best policies to all my customers.

Some advisers rely on software to say who is good and who is not, but people are so different and this type of software cannot produce the type of report that I produce with my years of experience and current knowledge.

So the whole point: if you pay for the best then you should have the best!

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