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Written by Insurance Adviser Peter Dale
Has anybody ever heard the saying “insurance companies never pay up”? Well in my 45 years of working in the insurance industry I for one have certainly had the exact line repeated to me on numerous occasions.
The insurance department would like to share the past 18 years “claim experiences” with our members within our membership base.
1/ Death claims … we have lost 37 members during the last 18 years that had insurance policies with us, with the claim settlements totalling $17,904,825.
2/ Trauma claims. We have had 45 claims submitted during that time with a total settlement figure of $1,205,115. Note, ONE claim was denied (did not meet definition on policy).
3/ TPD (Total & Permanent Disability). 7 claims submitted and settled with payouts totalling $3,185,117.
4/ Income Protection. We have had 66 members claim with varying degrees of disability. As of today’s date many of these members are still receiving monthly benefits for ongoing claims. Amount paid to date is $5,220,689.
As you can see Hudson financial planning members have received (to date) over $27 million in claims settlements.
So the next time someone says insurance companies never pay up perhaps your reply should be that they should call Hudson Financial Planning and speak to the insurance department because out member DO get claims paid.
N.B The insurance department offers a “full claims service” to our members. Let us assist you with the establishment of your potential claim and follow up with the settlement of that claim.