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Flood: life industry helps victims

Life insurance members of the Financial Services Council (FSC) say they are dealing with requests for payments from flood victims.

A spokesman told insuranceNEWS.com.au today the FSC has not had any direct enquiries so far, despite offering to be a clearing-house for claims, but it is continuing to liaise with its members on handling claims.

Life insurers have offered to pay a portion of life cover to affected families of flood victims on a case-by-case basis.

The industry has put on more people to deal with claims quickly and has identified customers who live in flood-affected postcodes.

The FSC says the life industry is negotiating special arrangements for renewal notices and claims documentation.

The special arrangements are being applied to most classes of life insurance including income protection, critical illness as well as total and permanent disability.