After a colleague suffered a near fatal heart attack and not receiving his insurance payment as expected, we began studying what is NOT covered in the contract of assurance. This incident led to indepth research of assurance products purchased by client’s.

Heart disease takes 1 in 3 lives and cancer the same. The other top 8 non-communicable diseases which you would expect covered under your policy of assurance may not be covered as your health requires.

Our unbiased investigation of a serious health claim being paid under a policy of assurance, concluded that assurance providers do not cover a heart attack and other serious conditions in the same way. In many instances definitely not as you would expect. Many individuals hold numerous policies of assurance and pay away a chunk of their earning towards protecting oneself and one’s family from a fortuitous event. Should the event occur, the question to ask is how assured are you that the claim will be covered in full?

We identified only 2 providers who include the most comprehensive definitions in cover under these serious life threatening conditions. In addition, we considered the cost of comprehensive cover and found that there is a potential decrease in monthly premiums of up to 30% if the portfolio is carefully structured.

If you think it may never happen to you, see the graphic below that highlights 48% of all claims paid out to professionals, was for either cancer or cardiovascular causes. Whether professional or not, the results are very similar.  Under the spread of claims , you will note how the total amount paid out was divided between the various professions.

                                                                                        Claims data published by assurer for the 2012 financial year.

Consider reviewing your portfolio using our risk-based approach to make sure the above does not happen to you. To remain objective and stay away from promoting any one offering, our service is fee based.

Peter Šmanjak

Owner and Founder at Infinite Risk

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