Topic: Financial advisers and brokers

Sanjay wanted lower cost insurance and asked his insurance adviser to get quotes from other insurers. Sanjay’s insurance adviser provided the quotes and Sanjay chose a new insurer. Sanjay completed the application forms and the new insurer approved cover. Shortly after moving insurer, Sanjay made a claim. After reviewing Sanjay’s medical records, the new insurer cancelled Sanjay’s policy for non-disclosure of pre-existing medical conditions. Sanjay was upset that his adviser had not fully advised him about go the new policies and his duty of disclosure. Was the insurance adviser at fault?

Eva and Andre change insurers upon the advice of their insurance adviser, but discover they have less cover than they used to, because Andre did not disclose his heart condition. Can FSCL help resolve a complaint about the risk of financial loss in the future?

Walter used an insurance adviser to obtain insurance. Upon claiming for income protection insurance after a head knock at a game of indoor cricket, Walter finds out his claim is declined because he had made material mistakes in not disclosing past medical issues such as depression and drug and alcohol use.

Daniel wanted to reduce his insurance premiums. Daniel’s adviser found a new policy that would provide similar benefits at a lower premium. 60 days into his new policy, Daniel was diagnosed with cardiomyopathy. Daniel’s claim under his new trauma policy was declined because it occurred within a 90 day stand down period in his policy. Daniel felt his adviser should have ensured that he had trauma cover before cancelling his old policy. Would Daniel’s claim ever be paid?

Brendan made a claim under his health insurance policy believing he would receive $50,000 after a conversation with his insurance adviser. Brendan only received $12,500 for his claim. Is the insurance adviser liable to pay the difference?