Important Life Insurance & Income Protection Insurance answers for Queensland flood victims
To assist policyholders affected by the devastating Queensland floods who have a life insurance or income protection insurance policy, xLife have put together the following answers to help you manage your policy.
1. What does my life insurance policy cover?
Depending on the type of policy you have purchased, you may have the following cover:
Income Protection Insurance - covers people who cannot work due to injury or sickness.
Business Expenses Insurance - covers self-employed individuals for certain business expenses who cannot work due to injury or sickness.
Life Insurance - covers people who die or have become terminally ill.
Trauma Insurance - covers people who suffer certain crisis events, for example; major head trauma, loss of limbs and / or sight.
Total and Permanent Disablement (TPD) - covers people who have become totally and permanently disabled due to injury or sickness.
Please note: this is a summary only. Full definitions are available in your current Product Disclosure Statement. If you are unclear what your policy covers, please contact xLife on 1300 135 205 or your life insurance company directly.
2. I suffered injuries in the floods. Can I claim on my policy?
Income Protection Insurance benefits provide a monthly income if you become disabled due to injury or sickness. This is subject to the terms of your policy, so to find out if you are eligible to make a claim, please contact your life insurance company or an xLife adviser.
3. I am currently unable to work due to the floods. Can I claim on my policy?
If you are unable to work due to injury or sickness arising from the floods, then subject to the terms of your policy, you may be able to claim, and your claim will be assessed for eligibility on a streamlined basis.
If you are unable to work due to the flood devastation alone, unfortunately your policy does not cover you as you are not disabled due to injury or sickness.
We understand that the Government is working towards arrangements for people in your situation and we recommend you contact your local council officials or a government official. They will be best placed to assist you in this time of need.
4. My Policy Documents have been lost in the floods. Can they be replaced?
Most Australia life insurance companies will happily replace your policy documents free of charge. All you need to do is contact your life insurance company. Your insurer will most likely get you to complete a form to be able to receive a copy of your policy.
Once your life insurance company receives your completed form, they will typically need to advertise their intent to replace your Policy Document for a period of 10 working days. They will then usually issue you with new Policy Documents. If you have any problems getting a copy of your policy documents please contact your xLife adviser.
5. Can I change my address so that any correspondence is sent to my work or another family member?
Yes, most life insurance companies will allow you to have your correspondence redirected to your work or another place of residence such as a family member or friend. Please contact your life insurance company directly to provide them with the new details. When you are ready to revert back to your own address, please contact your life insurance company again and they will assist with this change.
6. I do not currently have a permanent address. Can you please stop any correspondence being sent?
This depends on your insurer however most are unable to stop automatically generated correspondence. They can change your address in their system so that any correspondence is forwarded to a friend, family member or your work address.
7. If I miss paying my monthly premium will my policy lapse?
Many Australian life insurance companies will consider making special arrangements to waive premium payments on a case-by-case basis for those undergoing hardship as a result of the floods.
Please contact your insurer directly.
8. Can I put my policy on hold?
Generally, most life insurance companies in Australia are unable to put policies on hold; however, they may consider making special arrangements to waive premium payments on a case-by-case basis for those undergoing hardship as a result of the floods.
9. I don't know my life insurance company's phone number.
Below are the phone numbers of Australia's top life insurance companies. If your policy was organized by xLife please contact us on 1300 135 205; otherwise please contact your insurer directly on one of the numbers below:
AIA Insurance - 1800 137 338
AMP Insurance - 133 888
Asteron Insurance - 1800 221 727
Aviva Insurance - 132 652 (now part of MLC Insurance)
AXA Insurance - 132 987
CommInsure Insurance - 131 056
OnePath Insurance - 133 665 (previously known as ING Insurance)
Macquarie Insurance - 1800 806 310
MLC Insurance - 132 652
MetLife Insurance - 1300 555 625
Suncorp Insurance - 131 155
Tower Insurance - 1300 209 088
Zurich Insurance - 131 551