As the people of the eastern states count the human and financial cost of the floods disasters, life companies have announced a range of practical measures to assist their clients who have been impacted.
Insurance companies are almost universally fast-tracking claims from flood victims and are offering additional support. For example, AIA Australia’s measures for clients, to be considered on a case by case basis, include:
- Negotiating special arrangements for premium payments
for those undergoing hardship - Waiver of the Income Protection waiting period for those with serious injuries arising from the floods
- Provision of an upfront lump sum payment of the first three month’s Income Protection benefit (returning to monthly payments from month four)
- Assistance with the collection of relevant information in the event the insured is unable to provide documentation
- Waiver of other requirements to streamline claims
In anticipation of potential claims, AIA says it will proactively seek to identify customers who live in flood affected postcodes and provide dedicated resources to ensure that claims are assessed swiftly and compassionately.
TOWER Australia has extended its package of measures for flood victims in the three eastern states. The measures include:
- Allowance for premium payment relief and suspension of premium payments as required for customers who have difficulty paying premiums or are undergoing financial hardship
- The fast-track assessment of any claims arising from the floods, including allocation of dedicated staff specifically for flood victims submitting claims
- Adoption of a pragmatic approach for any flood claim victims who have lost policy documents, records and other documentation
- The offer of grief counselling services to TOWER clients and their families
These examples of practical assistance are variously being made available by many insurers, who are also making financial commitments to flood relief fund raising (see also last weeks story: Industry Rallies Behind Flood Victims).
