Dealing with a divorce or a separation can be an incredibly emotional event, and the last thing on your mind is your insurance policy. Unfortunately, by not having your insurance affairs in order, claiming will be extremely complicated, and it might be rejected.

In order to make this time a little easier on you, we’ve put together insurance guidelines to keep in mind.

Keep your insurer informed

Often when one partner moves out, they forget to immediately inform the insurance company that their risk address has changed, which can lead to claims not being paid out. Ensure that your policy’s correctly updated with what you do and don’t own. It is important not to make any assumptions regarding your insurance policy, as this is how proper cover falls through the cracks.

Different policies

The best thing you can do is to have separate policies. By having your own policy, your claims record is protected if your spouse submits a claim that’s not 100% legitimate as well as any claims they submit. It is imperative that you and your spouse are clear about your split ownership to ensure that you’re not underinsured and that everything is indeed covered.

Separate policies are also beneficial, in case your spouse takes your belongings unlawfully. If you share a policy, you won’t be able to submit a claim for such a loss, unless you lay criminal charges against them.

By being in control of your own insurance policy, you can rest assured that it will always be paid up to date. It is better to be fully responsible for your own payments and to be reimbursed through alimony.

Speak to an advisor

Rather have your own insurance advisor, as they will be able to give you the best information for your policy, without a conflict of interest. Also, make sure that you have all the needed validation certificates for your belongings, such as jewellery or collectables. If your spouse doesn’t want to hand them over, have them revalidated yourself.

It’s important to remember, never submit fraudulent claims. There is no time limitation concerning an investigation. And very often an ex will approach the insurance company about fraudulent claims, which could lead to an investigation and criminal charges.

Speak to one of our insurance advisors about how to best update your policy if you are in the process of separating or getting a divorce. Visit www.indwe.co.za or call 0860 13 13 14 for expert advice that will put you first.

Information is taken from Money Marketing.

Indwe is an Authorised Financial Services Provider.

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