Income protection benefits pay you a monthly payment if you lose or suffer a drop in your income due to illness or injury. In this blog, we look at the how income protection benefits are calculated and what options you may have to claim on more than one income protection policy.
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The Australian Financial Complaints Authority (AFCA) is the financial services ombudsman where you can lodge a complaint about the conduct of a financial services provider. AFCA is an alternative to the Court process. The decision makers are external to the super fund or insurer.
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As more people use digital services, scams are becoming a bigger threat. With Australians using online platforms for banking and socialising, it’s important to have strong protections. The Australian Federal Government’s proposed Scams Prevention Framework aims to reduce scams and protect consumers.
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Jessica (a pseudonym) lodged a TPD claim for a shoulder injury from 2014=, which was rejected. After many years and further injuries and illness, she finally sought legal advice and assistance which resulted in a successful TPD claim payout of $700,000.
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In September 2024, the Australian federal government announced that it will legislate to completely ban the use of genetic test results in underwriting life insurance. This is an important step which will enable people to undergo genetic tests without fear of the results being used against them when they apply for a life insurance product.
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The Insurance Contracts Act 1984 contains important consumer protections designed to prevent insurers from relying on pre-existing defect or imperfection exclusion clauses to decline claims when the insured was not reasonably aware of those defects or imperfections at the time they took out the policy.
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