Covid-19 has added many challenges to our lives and not in the least financially. If you are struggling to pay for your cover or an insurer debt it’s important not to just ignore the problem or place yourself at further risk by letting your policy just lapse, pick up the phone and talk to your broker or insurer.
Explore the options
If you are facing financial hardship or stress we urge our clients to contact us to discuss possible arrangements.
Depending on your circumstances your broker and/or your insurer may agree to:-
- offer instalment payments
- delay or extend payment terms
- put the recovery of monies on hold
- release your debt (where appropriate)
- agree with you to pay a reduced lump sum amount
- deduct an excess from a claim amount (cash settlement), and/or
- give you access to a financial hardship support team.
Review your cover
It may also be a good time to review your existing covers, perhaps your circumstances have changed since renewal, use this as an opportunity to not only make sure that the policies you currently hold are value for money but are also still suitable to your needs.
Free Counselling Services
Here are some confidential and free services providing financial counselling advice to Australians:
- Contact the National Debt Helpline on 1800 007 007 (Monday to Friday, 9:30am – 4:30 pm)
- The ASIC MoneySmart Website – For more information visit the MoneySmart website.
- IDCare supports Australians with issues relating to misuse of their identity or cyber security. Call 1800 655 556 (Monday to Friday, 8am – 5pm AEST) – For more information visit the IDCare website.
