AIA, CommInsure On Financial Hardship

Insurers continue to institute a range of measures to ensure life policy customers financially impacted by COVID-19 are not disadvantaged. (See Insurers Address Financial Hardship).

With regard to financial hardship, a statement from AIA Australia and CommInsure says the insurer understands that many people are in an uncertain financial position at the moment “… and we do not want to see this result in people losing cover if they want to retain it”.

“Rather than implementing a one-size-fits-all approach, our team can work with customers who are experiencing financial hardship, as well as with their advisers, to find a tailored solution that will allow them to retain cover if they wish,” it says.

“We have also taken action to implement recent Government announcements on early access to superannuation, in order to provide funds to customers as soon as possible. At this time, a range of options and actions are being explored to support Australians.”

On claims support AIA and CommInsure state that they know that the current circumstances may be particularly difficult for those on claim “… and we are looking at how we can support people at this time”.

“For example, where someone is having difficulty obtaining the usual information we require to progress their claim, we will work with them to help gather what we need, and consider any alternative arrangements if it is not practical to obtain medical information in a timely fashion, or via an in-person assessment,” the insurer says.