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Resident IFA Blog
A cautionary tale
Wed, 28th Jul 2010 - Author: Resident IFAOne of my Clients died yesterday...on his 45th birthday.
He left 3 daughters...all of school age.
He insured himself a year earlier for over £¼M.
A silver lining, then?
Unfortunately, no. It appears that he died of complications brought on by regularly drinking to excess.
The life insurance application form showed an alcohol intake well within Underwriting tolerances.
I hope against hope that I am wrong and the Death Certificate says otherwise.
In the event of an unpaid claim due to ‘Non-disclosure’, his family will receive only a refund of his premiums paid...around £350.
A frightening and cautionary tale indeed. It brings the spectre of the consequences of Non-disclosure...or ‘For the best appearance’ disclosure...harshly to life.
Sorry for bringing the mood down, but a story well worth repeating. I will help his wife and daughters in whatever way I can over the coming weeks; probably in completing claim forms in the hope that some money will be paid to them.
Until next time...
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"This is such a sad story, but like you said people need to know that these things happen. Most people seem to live by the principle that it will never happen to them, but in reality it happens every single day. I've been kind of guilty of this too I was looking the other day and found these statistics online, which definitely made me think http://www.ifacompare.co.uk/article-18/Health-statistics-you-cant-afford-to-ignore I've been debating about whether I really need Life Insurance/ critical illness cover and that's how I just stumbled across your blog. After what reading this I will definitely be taking some out, but I guess the moral of the story is make sure you know what you're covered for. Can anyone tell me whether an IFA will be able to tell me which Insurance policy would be best for me? "
- kowen