How to Check your Policy Details Online

Individuals who hold different life insurance or investment policies, often find it difficult to keep track of all of them. People usually have several guaranteed return policies, life policies, structured products, voluntary annuities, etc. - all of which include vital information of critical nature. Thus, people often stop and ask themselves a pertinent question, how to check my policy details, online?

Luckily there is a website, which can be of great help. With the help of the website, individuals can get details about their insurance and policies and ensure everything is correctly mentioned. All that is required is filling up of an online form and a report is sent through an e-mail. (Information credit: https://www.findmyfunds.co.za/how-it-works/)

• Verifying whether policies are in place
• Verifying whether all details, both personal and beneficiary, are filled-in properly
• Checking to see if the correct lives are insured
• Verifying other aspects such as the loan value and surrender value of policies.

When it comes to using online services for policy management, they can surely help any policyholder to organise his/her paperwork in a proper way, to avoid future hassles. Expensive mistakes can be avoided, some of which are explained in brief below:

1. Making Sure All Names Are Correct: One of the foremost things one must get right while filling for policies are the names of the applicants and beneficiaries involved. A typing error, such as a K instead of a C can have disastrous effects in the long-run. There have been past instances where policies have been delayed or rejected because the applicant’s name has been misspelled. By using a website, applicants can easily check whether all names are inputted correctly. 

2. Beneficiary or Nominee Details: It may so happen that the beneficiary details have been wrongly inputted. There have been instances in the past where the wrong beneficiary has been indicated, which can cause lots of problems. This can cause immediate problems as the policies mature. Often it is followed by long drawn out legal battles which are not only a waste of time but a drain on your finances. Using an online service will help prevent such mistakes. By performing frequent checks, one can be sure that the correct beneficiary or nominee details have been added. 

3. Other Incorrect details: Policyholders are required to enter several details when applying for policies. Committing mistakes is a common thing for many policyholders. Future issues such as costly delays on pay-outs are mainly caused due to incorrect details.

It’s a pretty easy process for an applicant to get started. This is a secure site where data is encrypted.  The user has to first accept the terms and conditions after going through them. A submission form is required to be filled in with all relevant details. After inputting all the details correctly, one can hit the submit button to finish the process.  As this is a 24/7 service, users can login and enter details at any time, without having to go through the hassles of getting touch with a broker or insurance company.

Reasons to Use the Website For A Policy Holder:

This website works with a host of major insurance companies such as Old Mutual, Sanlam and Liberty.  Comprehensive reports for users are prepared after information is sourced directly from the above mentioned partners. Thus, a user can avoid the time consuming affair of enquiring from these companies individually, using the website directly to find the required information. The relevant department will then subsequently contact the user within 48 hours of submitting details. Immediately afterwards, a comprehensive report is prepared containing all the requested details about the user’s life insurance and other investment policies. There is a 2 factor authentication system in place for added security. The website also provides a free consultation session for users, with a registered financial planning expert. These are professionals who can explain each and every detail of the current policies the user has. Other queries related to over payment, sale of policies etc can easily be answered by the financial planning expert. This additional service is free and users are not obligated to avail this option.

The rigours of modern life have made every individual aware about the need to enrol in a life insurance policy, as we realise the need to safeguard against different uncertainties and emergencies.

Individuals have many policies and types of coverage, depending on his/her lifestyle, job, family situation, etc. Having all policy details in order is imperative for avoiding future mishaps. Failure to include the correct information and updating it afterward can result in lengthy legal hassles, including wrong people inheriting the funds in the event of a policy holder’s death. With the help of such a website, people check already submitted details. If needed, expert advice is also available.

About This Author

Arnold Reeves Joined: February 13th, 2019