insurance

Where can Lying on your Insurance Policy Get You

insuranceTD insurance offers different forms of insurances to people who want to make sure that they will not have any problems in case they experience any unfortunate event at home, abroad, or anytime in their entire lifetime. Recently, TD insurance discovered through a poll that 19% of Canadians have actually not been entirely honest on putting the right and truthful information on their respective travel insurance applications. This just goes to show how some Canadians are willing to save cash by withholding crucial information from their insurance applications. From one perspective, this can imply that the said Canadians are not at all well-informed about the consequences of such act. On the other hand, this may also mean that there are people out there who are very much willing to take the risk and lie on their applications just to gain various benefits.

Canadian travel insurance companies are not the only institutions that deal with fraud. This front-end fraud is an issue that has been bothering countless travel agencies over the course of the past few years.

Lying on your travel insurance policy can only lead to a downward spiral. At the very onset, it may lead to a travel insurance company refusing to pay out your claim. To add, once you have not shared a crucial information like, say for example, the fact that you have diabetes, you may be denied coverage once you have encountered a medical problem on the sole purpose that your present medical condition has not been disclosed before. Also, if you happen to get hit by a car, there will surely be some conflicts with your travel insurance if you did not share your current medical condition. The reason why this could be a potential cause of conflict in your travel insurance plan is because the failure to disclose crucial information can prevent travel insurance company administrators from determining whether you are fit to travel or not. If you have lied about your medical condition, or if you are not disclosing all there are to be disclosed that can potentially impact your trips in and out of the country, there will be mishaps with your travel insurance for sure. In addition, if a person who applies for a travel insurance does not mention all of the extreme sports he plans to do like skiing, for example, his travel insurance company may not deal with the damages of his equipment and his medical bills if ever he got into an accident.

Mr. Clay Gillespie of Rogers Group Financial believes that lying on travel insurance policies will almost certainly always land a person in trouble. While it is true that there are people who manage to get away with their lies and untruthful health records, numerous travel insurance administrators have already adopted a more efficient way of dealing with applications.

In Denmark a survey showed that a very large part of the population did not condone insurance fraud. Blogs like Bilforsikring and Forsikringer informs people about how to save money on insurances. But they tell about tips and tricks that are all within the limits of the law.

At the end of it all, lying on travel insurance applications can be tragic. Honesty is the only policy that usually matters in travel insurance companies. Unfortunately, most people still resort to lying to travel insurance providers just so that they can get cheaper quotes; but, of course, this front-end fraud has a high possibility of resulting to serious consequences. Association of British Insurer’s director of general insurance and health, Mr. Nick Starling, had made it clear in interviews that cheating to get cheaper travel insurance can put a person in jeopardy, potentially with terrible consequences.