Life insurance policies ‘do’ pay out
There has been a lot of controversy and media attention recently surrounding the life insurance industry, specifically the payment of life, TPD (Total & Permanent Disability) and trauma insurance claims. Media coverage has exposed some very concerning stories regarding some of Australia’s biggest life insurers. It has been suggested that one insurer in particular has been ‘caught out’ using unethical practices, often hidden in the conditions and fine print of its contracts. It is claimed that they have used these to deny, delay or avoid paying claims, often with devastating implications for their customers.
Elodus Financial would like to take this opportunity to remind its clients of the importance of insurance and the fact that these occurrences are far from the norm. Our advisers are authorised representatives of Charter Financial Planning, are specialists in the field of insurance and, with our licensee’s guidance and approval, have access to the best quality insurers in the country. Every year, 100’s of millions of dollars in claims are paid out.
One of over a dozen insurers we use is AMP. Megan Beer, Insurance Director at AMP, released a statement this week discussing the issue, and is quoted as saying “we take a balanced and sensitive approach to claims, recognising that behind each is a person and often a family in need. We treat every claim on a case by case basis, and in many areas we have different policies, definitions and processes from those highlighted in the recent competitor media coverage”.
Dealing directly with large insurers or telemarketing companies when purchasing or making an insurance claim is fraught. At Elodus, we assist our clients at all stages throughout both the application and any claims process – how these areas are addressed is extremely important. It is our expertise.
When we initially complete the application with you, we consider this to be the first and most important part of a potential future claims process. Ensuring the application is complete, accurate and all past history and medical circumstances have been fully disclosed makes a claim smoother, less intrusive and far more likely to achieve the intended outcome.
Unfortunately, we have several claims every year. In fact, we are assisting three clients in this way at the moment. To date, every claim that we have lodged since Elodus’ inception 12 years ago has been successful. Insurance generally does what it is put in place for, as well as providing peace of mind as you grow and move forward.
We ask that you don’t let the negative publicity that the media is feasting on cloud your vision with regards to life insurance – it is an essential and critical component of most people’s lives. It is not used as a simple and effective way to manage risk without reason! If you have debt, dependents, estate requirements, business partners or key people in your lives, it is likely that you simply cannot afford to be without good quality, well-structured personal insurance.
You can find out more about our services regarding personal insurances on our website (link to insurance page) and if you have any concerns about the cover you have, please don’t hesitate to get in touch.