1 .‘We refer to the above claim and thank you for forwarding the claim documentation.
Benefit payment
We confirm that the claim has been approved and we’ve deposited $94,500.00 into your nominated bank account.
Support when you need it most
We trust we have provided you with valuable financial support when it was needed most’
Yes this was a claim that actually occurred 3 years ago.
However as the policy had only been in force for less than a year then the insurance company because of the accident circumstances requested information from the doctors.
They, the 2 doctors, had been repeatedly been asked to supply information & even after 2 years & no doubt payments did not supply the requested information.
Centrelink took over a year due to privacy concerns & other excuses to provide information.
However ‘ in good faith’ as it could not prove it the insurance company said this has taken too long & paid this week.
We also add that the company had paid out 10,400 under this clause 3 years ago.
Advanced Payment Benefit
An advanced payment of 10% of the Benefit Amount, up to a maximum of $25,000 as soon as we receive the death certificate or medical certificate confirming death of the Life Insured.
Let’s look at why the delay which is ‘the suicide clause’.
From the PDS Product Disclosure Statement & as it is also the law.
Life insurance
When will we not pay on Life insurance?
No payments will be made under Life insurance, and any optional benefits, if the event giving rise to the claim is caused directly or indirectly by an intentional, self-inflicted act by the Life Insured:
• within 13 months after the Plan start date;
After being in financial services for 32 years it surprised us that our accountant was not aware of this.
We also read from the PDS
We will waive the above exclusion if, immediately prior to the commencement of cover, you had death cover on the Life Insured which was in force for at least 13 consecutive months (without the death cover lapsing and/or being reinstated) with … or another insurer, and you have replaced the death cover with Life insurance (hereunder).
The waiver will only apply up to the level of cover you had with … or the other insurer.
Should you reinstate your death cover at any time, this exclusion will recommence from the date of reinstatement.
2. Our second recent claim this week comes under terminal illness when we received this email
‘Thanks for your help with providing the information with the payment, John.
I’m sad to inform you that Dad has been diagnosed with a very aggressive form of lung cancer, he has months to live.’
Hence our call to the insurance company to request claim forms
Hi John,
Thank you for your call today.
Please find attached the Claim Pack with the covering letter detailing the requirements for theclaim with the forms for completion.
Please use the covering letter as a checklist when sending the completed requirements as we must have the full requirements for assessment of theclaim.
Let’s look what the paragraph from the PDS on Terminal illness.
Terminal Illness Benefit Early payment of the Benefit Amount if the Life Insured is diagnosed as Terminally Ill
Terminally Ill and Terminal Illness means an illness or condition where, after having regard to the current treatment or such treatment as the Life Insured may reasonably be expected to receive, the Life Insured has a life expectancy of less than 12 months.
And
Tax paid on Terminal Illness Benefits
Terminal illness benefits paid to members are tax free.
‘would 100k or 1million help?
Of course it depends whether you have faith in the medical system or whether you still have goals on your bucket list or you wish to look at other scientific alternatives.
You might & hopefully recover.
These are reasons why we have cover & there is always more in the cover than we remember. We always ask clients ‘to read & understand’ what is in the PDS & we send the PDS before application. You may be very surprised what is in the policy & well worth reading to answer any doubts that the nay sayers throw at you.
One company writes this week
‘In 2015, we paid over $1.1 billion in claims across all our products – our very own personal best.
Through our partnership with you we help keep more Australians and their families living the lives they love by being there when it counts.
and another
Our latest claims paid brochure is now available which details how we helped 10,715 clients with $944.7million in claims payments in 2015
And another
In 2015, the total claims paid to …. policyholders was $1,029,308,253. That equates to $4,084,557 paid on average each working day.
This is a powerful message to share with clients and reinforces that claims are paid.
We were reminded also twice this week why we have membership of the RACQ.
One car had a slow tyre leak & the other decided to split a radiator hose & needed a lift back to Greg the mechanic.
Another form of ‘insurance’.
We believe that we can generate significant financial certainty for you throughout our relationship & importantly add substantial value to ensuring you achieve all that is important & valuable to you as you have articulated to us.
If we were to sit down in three years time & looked back what do we need to do today so that you are financially & personally better off & hence happier.
As others do, call us on 07 3848 1088 or email us or visit our websites.
John McAuliffe
