Jump to content

WA grandfather’s life insurance warning - General Hangout & Discussions - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

WA grandfather’s life insurance warning


Recommended Posts

LIFE insurance - it’s certainly something you don’t want to claim on - but it can be security for your family in the event of your death.

But how necessary is it? Perhaps you’ve got it without actually knowing.

Susan Quinn, senior policy officer at the Consumer Action Law Centre, said there was one place to check first.

“A lot of us already have life insurance in our superannuation so if it’s something you’re considering that’s definitely the first stop,” she said.

Unlike some other insurances, life insurance often has a cut off time.

Depending on the policy it can be anything from 65 years of age to 90, so if you’re older you may be paying for a policy with a limited life span.

It could be something you don’t need anyway.

Ms Quinn said it was up to you to check whether life insurance is right for you.

“Your life insurer isn’t going to come to you and say ‘hey, your kids have moved out or maybe your income is down a bit, do you really need this?’

“The only time they will come to you is when you get to say 65 - 70 years of age and your insurance cuts out.”

John Garland says he feels ripped off by his life insurance policy.

The WA grandfather took it out as part of a superannuation fund in 1991.

“Payments were only very minimal but of course I didn’t realise as I got older the payments got larger and larger until such a stage where I (could) no longer afford it,” he said.

Mr Garland’s payments began at $9.

Fast forward 27 years and the policy repayments had soared by 2,200 per cent - to $210 a month.

“I don’t think I was made fully aware that as I got older the payments were going to go up and up and up,” Mr Garland said.

“They got up to a stage where I could no longer afford it.”

Unable to keep up the payments, Mr Garland cancelled the policy and asked for his premiums to be refunded.

“Legally they said they did not have to give a refund, the money was theirs to put away into their pool for other people’s claims so I’m left without the money that I’ve paid which is legally really mine I believe,” Mr Garland said.

“Why do I believe that? Because I never had to have a claim on that policy in my entire life and I believe if the money wasn’t used it should come back to me.”

The insurer declined to refund the money as it had covered Mr Garland for the period he was paying and therefore had kept up its end of the deal.

The ombudsman agreed.

“I’m an avid football fan and quite often I don’t agree with the umpire’s decisions and I don’t agree with the decision here, especially when its affecting my lifestyle,” Mr Garland said.

While insurers are rarely likely to refund premiums, it pays to check what you’re paying and what you’re actually covered for and indeed if you need life insurance at all at your stage of life.

Ms Quinn said life insurance might be valuable for people at different stages of their life.

“If you’re a young person who has no dependants relying on you, you don’t need life insurance,” she said.

“If you’re an older person and you don’t have kids or your kids have grown up you also probably don’t need life insurance.”

Mr Garland said his advice to others was to “be very very wary of these types of insurance policies”.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
  • Customer Reviews

  • Similar Topics

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.