The last thing anyone wants to think about when planning to go on holiday, or visiting family over the festive season, is preparing for the unfortunate event of death, injury, or disability resulting from car road accidents.
The Increase In Traffic And Road Accidents
Statistics released by the Ministry of Transport earlier this year revealed that road accidents and deaths increased by 11 and 14% respectively, between 1 December 2015 and 11 January this year.
Lee Bromfield, CEO of FNB Life, says according to the statistics, the probability of getting involved in a car accident significantly increases over the festive season. If you are going to be travelling on the road, it is important to review and update your funeral and life policy in case anything happens to you or your family.
“Also take extra precautionary measures and avoid illegal and irresponsible behaviour or doing anything that may result in your insurer delaying to process your claims,” cautions Bromfield.
The Ministry of Transport found that human factors mostly contributed to the road accidents, including jaywalking, speeding, overtaking on the wrong side of the road, hit and runs, as well as drunk driving.
How To Update Your Policy
Bromfield says, in the event of an accident while travelling, the most important thing is to ensure that you or your family have sufficient cover and can seamlessly claim from your insurer without experiencing any challenges.
“For example, FNB Life is continuously looking for ways to reduce the amount of time that customers wait for their payout. However, while we currently pay about 80% of claims within a day of receiving all documentation, it is essential that our customers’ policy documents reflect the most accurate and up-to-date information, in order for us to fast-track the process.”
He says just because your monthly debit order goes off every month, it does not mean you do not need to update your policy. If there has been any change in your personal details such as marital status, address, contact details and beneficiaries, you should update your policy.
Furthermore, also make sure that the cover amount is still sufficient, as your personal circumstances may have changed. For example, having a bigger family and, therefore, more financial responsibilities.
“Before going on that well-deserved holiday, take a few minutes to review and update your funeral or life policy and have peace of mind knowing that you and your family will be adequately covered in the event of an accident,” concludes Bromfield.
Reviewing your insurance policy (or policies) should be your first point of action as the year comes to a close. Make it a priority this December holiday before the festivities sweep you away.