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FSC extends life code to bushfire affected Aussies

The Financial Services Council has announced that life insurers will treat people making a claim related to the bushfires as vulnerable customers requiring additional support under its life insurance code.

FSC chief executive Sally Loane said the announcement was in addition to the individual commitments already made by life insurers to support people affected by the bushfires.

“This means affected Australians will have their claims assessments and decisions prioritised and people may have access to advance payments to help alleviate financial hardship,” Ms Loane said.

“There are no general exclusions in life insurance which would stop an insurer from paying claims after a natural disaster like a bushfire. Australians can rely on their life insurance.

“The code requires that all customers are treated with compassion, respect and empathy, but also recognises that some vulnerable people may have unique needs when making a claim on their life insurance, and if so, additional support will be provided.”

Last week, the FSC launched a service for Australians if life insurance policy details have been lost or destroyed as a result of the bushfires.

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FSC extends life code to bushfire affected Aussies
Sally Loane
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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