Living Assurance (Trauma) Benefit

How to make a claim:

For the payment of a Living Assurance Claim, the following information is required:

• Policy Document
• A copy of the birth certificate
• Fully completed Living Assurance claim form.

It will be necessary for the Insurance Company to write to the specialist treating the client for additional information. Alternatively, provisions of copies of the Specialist’s reports with the claim forms may assist in settling the claim more quickly. An independent assessment may also be required.

Steps:

• When all requirements have been met and the claim admitted, (subject to underwriting) a lump sum payments is made to the policy owner.
• Payment is made by direct credit to the Policy Owner.
• See also what happens to the policy if there is an Accelerated Benefit and Standalone Benefit above.

The following action is taken in relation to Accelerated Benefits.

Life Cover will be reduced by the amount of the Total & Permanent Disablement or Living Assurance Benefit.
If the amounts are equal and there are no other benefits the contract will end.
Example: If Total & Permanent Disablement or Living Assurance Benefit is equal to $100,000, and life cover is equal to $100,000, and there are no other benefits, then the contract will end.

The following action is taken in relation to Standalone Benefits.

1. The benefit will be removed from the contract.
2. If this is the only benefit, then the contract will end.
3. If the contract is not terminated, the policy document is returned to the client.