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Insurance cover misunderstanding

What happens when you discover the redundancy income protection cover you thought you had was actually disability income protection cover.

The dual-cover duel

What happens when you have been paying for two similar insurance policies under group employment insurance schemes?

Bad financial advice or a series of unfortunate events?

Upon the advice of their financial adviser, Sonny and Violet decided to cancel their longstanding insurance policies and take out one comprehensive policy. A few years later, the couple were dismayed to discover that key medical information had not been relayed to their insurer before being underwritten. Sonny and Violet said they had been paying insurance premiums towards a policy that essentially provided no cover. Sonny and Violet complained their adviser manipulated their applications and deliberately withheld their medical information from the insurer.

I’ve waited 5 years to make a claim on my income protection insurance, and it’s my insurer’s fault I’ve been adjudicated bankrupt.

In 2011 Martyn suffered an injury, could not work, and received ACC payments for 9 months. However, the ACC advised in 2012 that he was paid in error and he had to repay $12,000. Martyn submitted a claim to his insurer in 2014, but did not provide enough information for his claim to be assessed. Martyn contacted the insurer again in 2017 when the ACC filed bankruptcy proceedings. Martyn said if the insurer had assessed his claim sooner, he would not have been adjudicated bankrupt.

Going down swinging

John had income protection insurance. He moved from NZ to Australia, and changed his job but continued to pay his premiums. After John made a claim which was declined, John asked that his adviser make changes to his policy. John’s adviser could not get the insurer to agree to any policy changes. Was it the adviser’s fault?