How does John Lamb Hill Oldridge support you through the protection claims process?

Making a claim on an insurance policy can be time-consuming, especially since high-net-worth (HNW) and ultra-HNW (UHNW) clients may have complex financial arrangements in place.

By working with our brokers here at John Lamb Hill Oldridge, you can ensure that the process of making a claim is as easy and straightforward as possible. Our longstanding relationships with the providers mean we understand exactly how to process claims efficiently and without delay.

To help you prepare for this, it is important to understand the process of making a claim, including the documents you and your client need to have to hand. Read on to learn more about what to expect when making a claim on an insurance policy through John Lamb Hill Oldridge and how our team can support you.

Your broker can contact the provider to start the process when you surrender your client’s policy

One of the benefits of working with John Lamb Hill Oldridge is that your broker will be able to process the claim for you, requiring minimal input from you after you have contacted them to surrender your client’s policy.

At this point, your broker will contact the insurance provider to start the process. This involves clarifying the provider’s requirements and requesting the relevant forms that must be completed, though it can take between 5 and 10 working days for the forms to be available.

Some providers may use generic forms that apply to any type of policy, while others may prefer to use policy-specific forms.

You and your client will need to submit copies of relevant documents for identification purposes

The insurance provider will usually request to see identification for the policyholders. Often, this requires their passport and driving licence or one of the aforementioned together with a utility bill from within the last three months, though mobile phone bills are not usually accepted for this purpose. Certified copies of these documents will be required by the insurer. Some providers may carry out their own online checks but if this does not prove to be satisfactory they will request further evidence.

They will usually also request confirmation and evidence of the bank account that the payout will be sent to, such as a copy of a recent bank statement or paying-in slip.

You may also need to return the policy document that was issued when the client took out the policy. If this is not available, your client can usually sign an indemnity, and this is unlikely to cause any problems or delays with the claim.

It can take 10 working days or more to process the claim after the documentation has been submitted

When all the necessary forms have been completed and returned to the provider along with the relevant identification, it normally takes between 5 and 10 working days for the claim to be processed. Occasionally, this may take longer, especially if the life office raises further queries.

Most payouts will go into the client’s nominated bank account but if the policy was held under trust, the provider may ask for a trustee’s bank account to transfer the funds into. Alternatively, your client may choose for the payout to go into a solicitor’s bank account to then be processed and paid to the right person or people.

Death claims may require additional identification

If you are supporting a client with a death claim on a life insurance policy, there may be some additional requirements from the provider before they can process the payout. This is especially the case for high-value claims, which HNW clients are likely to be making, and claims that need to be investigated depending on the cause of death.

For example, the provider will request the original death certificate and a medical consent form in case they need to contact the client’s doctor.

If the policy was not written in trust, the provider is likely to request a probate form as well as a copy of the deceased’s will and any codicils to the will.

It is vital to keep records and arrangements up to date to avoid delays when making a claim

Your broker at John Lamb Hill Oldridge is here to help you, ensuring that the process of claiming on the policy is as straightforward as possible. There are a few things you can do to help the claim go smoothly too.

• Ensure that trustee details are kept up to date and place the trust deed somewhere safe yet easy to access when it is needed.
• We strongly recommend that clients regularly update their will to reflect their wishes. Not having a will in place can significantly delay the death claims process.
• Contact us as soon as you are made aware of the need to claim, as the sooner we can start the process, the sooner the client can receive their payout.

John Lamb Hill Oldridge is here to help you and your clients

Our highly specialised team is here to support you in helping your clients to arrange the protection they need and to claim on these policies when the time comes.

Our service is designed to make the claim as easy and straightforward as possible for you and your client. We regularly follow up with providers to ensure the process moves as quickly as possible and to identify any potential issues early on to avoid them developing into lengthy delays.

Our longstanding and proactive relationship with the insurers means that you do not need to deal with the provider yourself, instead leaving all of this to us.

Get in touch

To learn more about how we can help you to arrange the right protection for your HNW and UHNW clients, as well as how we support you during a claim, please get in touch. Email [email protected] or call us on 020 7633 2222.