FSC helps flood-impacted Australians find lost life insurance policies
The Financial Services Council (FSC) has urged Australians who have lost their life insurance policies due to recent flooding to utilise the FSC’s services to help them find out what policy they belong to.
The FSC could help flood victims find lost life insurance by contacting its life insurance members and asking them to check their records and get in contact with the member.
“The FSC recognises that many people have lost important records and documents in the floods and trying to find lost life insurance policies can be a headache for people at a time when they don’t need more stress,” the council said.
The FSC noted that people who knew who their life insurer was should reach out directly while enquiries about group insurance should be done through the life insurer directly or through the Australian Taxation Office (ATO).
“Some people affected by the floods may need to make a claim on their life insurance policy. It's important to note there are no flood exclusions in life insurance policies, so flooding will never be a reason why your life insurance claim won't be paid.”
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
