Understanding how life insurance policy claims work and when your loved ones will receive a payout from an insurer can make the process less confusing and stressful. While the claim process can differ from insurer to insurer, here is what you need to know when it comes to how life insurance payouts work in South Africa.
How do you submit a claim?
Knowing where to submit a claim when it is time is crucial. Most insurers will have an option for you to submit online or via email. Your insurer will explain through documents or on-call how you can go about submitting the relevant documents that can start the claim process. For MiWayLife customers, you can email your claim to claims@miwaylife.co.za and one of our dedicated team members will ensure that the process is assessed and completed as smoothly as possible.
What documents you will need?
Keeping important documents in one place and explaining the claims process to a trusted person who will make the claim can reduce any frustrations. Make sure to call your insurer to confirm what documents you will need. In order to submit a claim with MiWayLife after a policyholder has passed away, you’ll need:
How long will it take for you to get the payout?
Once you have submitted the relevant documents your insurer will begin the process of having the claim paid out. A review process will begin where they will check that all is in order. Life insurance payouts differ in terms of how long they take to pay. It can range from a couple of weeks to a few months as the insurer does background checks to see that the death of a policyholder was due to normal circumstances and that there was no foul play.
Should there be something that you do not understand, feel free to contact your insurer to explain it to you. You and your loved one must be on the same page to make the claims process smooth and to ensure that there are no payouts that go unclaimed.
