‘Is it possible for insurance companies to not honour claims despite many years of receiving premiums from its policyholders?’
Well, for most cases, insurance companies will honour these claims and pay out the sum assured or benefits to the policyholder or to his or her beneficiaries.
However, there are several cases where insurance companies can repudiate the claims made by policyholders. These cases involve, if any, are often caused by a non-disclosure of his or her medical or lifestyle conditions from policyholders.
Other than that, are there any other chances for claims to be repudiated?
KC Chong, Managing Director and Founder of SAC Wealth Management Sdn Bhd expounded more on this particular topic. We discussed the following:
- Introduction of Types of Insurance Plans
- 3 Main Reasons Why Insurance Claims are Repudiated
- Why Policy Lapses despite many years of prompt payment?
- Would there be a problem for your policy if you need to claim its benefits?
- Can your nominees receive the sum assured and use the money freely?