Life Insurance Quote Online ~ Online Life Insurance Quote


bannerimage

Get Life Insurance quotes

            
        
Title:
First Name:
Surname:
Email Address:
Cell No:
City:
Monthly Gross Income:
 
Are you looking for HIV Cover?
 
I agree to the website terms & conditions 
 

* LIFE Insurance companies will contact you based on your needs and may differ from featured companies on this page

  
---------

Fraud And The Insurance World

Sun, Feb 8, 2015

Life Insurance Guide

More stringent measures are being put into place by South African insurers to detect and prevent fraudulent death, disability and funeral insurance claims – importance is now being placed on the risks of consumers who choose to submit falsehoods.

Most disturbing are the latest stats released by the Associations or Savings and Investment South Africa which has revealed that the value of prevented fraudulent death, disability and funeral cover claims has risen substantially each year.

Consumers might think that submitting a fraudulent or even an inflated insurance claim is not a serious offence and is an easy way to get more money, but this is viewed rather seriously as a crime committed to insurance companies.

The fact is that insurers have introduced far more effective fraud detection methods and technologies so it is becoming a lot easier to identify and prevent these claims from taking place.

Any individual attempting to recoup money by submitting fraudulent and false insurance claims should be aware that the possibility of them being caught is pretty high and will without question be subjected to a thorough criminal investigation.

In addition to the criminal charges, the insured will also have their claims refuted and will most probably find that in the future they will not be able to take out insurance with any other insurance companies – the dishonesty would then be all for nothing.

Life insurance fraud:

  • Life assurance fraud involves intentional deceptions such as making deliberate misstatement on life insurance applications.
  • These often provide inaccurate information about health conditions to the extreme of even falsifying a death!

At the end of the day, it is better to disclose all health conditions on the application form right from the outset – if someone is found out falsifying their health conditions, the insurer is in their right to dishonour the claim and not pay he monies out to the family when the individual dies from the undisclosed condition.

If you are struggling financially it is advisable to chat to a financial advisor and not be tempted to falsify your insurance claim – the repercussions are simply not worth it in the end.

This post was written by:

- who has written 57 posts on Life Insurance with Life.co.za.


Contact the author

Comments are closed.