A grieving Australian family say their relative paid life insurance for decades – only to be left in the cold as his health deteriorated.
Do you have a family? Are you concerned about what happens to your loved ones if you should pass away? What you need to know about life insurance.Source:istock
These laws followed on from the banking Royal Commission which showed that many bank owned super funds were deducting excessive fees from account balances and providing substandard services. Also, members with balances under $6000 whose accounts have been inactive for more than 16 months will have their accounts paid to the Australian Taxation Office that will try to transfer it to an active super fund.
If the fund was on notice about your brother-in-law’s state of mind and that they did not contact his next of kin about the changes, you could possibly challenge their conduct also.
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