22 PROTECTION TOMORROW
Insurance claims ? Providers don ’ t pay out . A line , I am sure you will all agree , that we will have all heard at one point or another when discussing insurance .
Emma Vaughan
Head of Protection Services
SimplyBiz
In reality , fortunately , this isn ’ t the case any longer and most insurers have worked really hard to tackle that notion by adapting their products and being as transparent as possible with their processes , which is making sure the money is in the right hands when it ’ s needed . Claims statistics go a long way to dispel the myth , but a lot of work has gone into sales and applications so that the claim can be even smoother .
Providers have looked at their policies and understood that there will be instances where customers will struggle to provide a lot of evidence at point of claim and have therefore added in guarantees . These guarantees mean that a customer can secure a sum assured at outset so when the worst happens , they aren ’ t searching for P60s , payslips or tax returns . This will accelerate the speed in which claims are paid and customers will have peace of mind that , whatever happens , the policy will pay out for a predetermined amount .
We have also seen some providers scrap the need for clients to prove any financial evidence or minimum hours worked for their income protection plans . This has been revolutionary for customers who may be newly self-employed , part-time