The vast majority of life insurance claims are successful. That means you can be fairly certain that should you pass away, your beneficiaries will receive financial help.
However, the most common reasons why insurers might not pay out, include:
• non-disclosure, which means you haven’t accurately provided the information asked for;
• missed payments;
• suicide (many insurers exclude death by suicide);
• policy expiry (for example if you have term life insurance for a specific number of years and a claim is made after the term has ended).
If you’re struggling to meet premium payments, it’s best to speak to your insurer. In most instances, they will try and work with you and come to a temporary solution so that your policy continues.