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Background: I have an income protection policy that

Customer Question
commenced in 1994. I made...
Background: I have an income protection policy that commenced in 1994. I made a claim for partial disability in 2014. Now converted to total disability in 2017. Both are accepted and no problem with payments. It is a lifetime injury policy. Based on the policy I can be paid monthly till I die.The insurer has just informed me that I will suffer a 50% deduction in payment after age 65. However this is not stated on the policy I have. In 2013 I was sent a sent a replacement policy at my request. This policy states that it is a 'replacement policy'. This policy does not have the post 65 year of age deduction. My guess is that the insurer have sent me an incomplete policy in 2013 without an appendage which probably has the deduction. Note that my IP policy was initially since 1994 with AXA, then the replacement policy was in 2013 sent by Aust Cas & life insurer, and then later they were bought up by AMP who now manage my claim.The replacement policy states "Your replacement policy document. Thank you for insuring with AMP. Your AMP Income insurance policy is designed to help provide financial security, giving you and those who depend on you peace of mind. Please find enclosed a replacement copy of your policy document as requested. Your policy document contains information including the benefits you are entitled to in the event of a claim and the circumstances in which they are payable".Note that since my claim of 2014 I have relied on the 2013 policy to make all financial decisions and for my accountant and financial advisor to use to give me advice based on what we understood to be a no deduction post 65 yrs of age. I do not have the original policy , that is why I asked for the replacement.Question: Does the insurer have an obligation to follow the recent 2013 replacement policy assuming it differs (in one out of 25 pages) from the 1995 original policy?
Submitted: 5 months ago.Category: Australia Law
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Answered in 25 minutes by:
11/9/2017
Solicitor: Leon, Solicitor replied 5 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,237
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

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Solicitor: Leon, Solicitor replied 5 months ago

Good Morning

Do you have the Product disclosure statement?

The policies change and if they have informed you of changes that apply to you then you are bound by them.

How does it differ? The most recent one is the one you rely on.

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Customer reply replied 5 months ago
What happened is that I requested a replacement personal income policy in 2013 as I lost the original. 2 yrs later (2015) I made a claim. I have been relying on this replacement policy and assumed it was correct. I have now been told the insurer sent me a the replacement policy with a page missing. That page (and thus the original policy) has a 50% deduction after age 65 yrs. But, I have made huge financial decisions on the understanding I had the correct policy. So I understood that I did not have the 50% deduction. So I effectively have only now just found out from the insurer that I have miscalculated my future finances by $2 million dollars. So does the replacement policy over ride the original policy? (The policy did not change in the usual way that an insurer makes changes to all members with this policy).
Customer reply replied 5 months ago
What happened is that I requested a replacement personal income policy in 2013 as I lost the original. 2 yrs later (2015) I made a claim. I have been relying on this replacement policy and assumed it was correct. I have now been told the insurer sent me a the replacement policy with a page missing. That page (and thus the original policy) has a 50% deduction after age 65 yrs. But, I have made huge financial decisions on the understanding I had the correct policy. So I understood that I did not have the 50% deduction. So I effectively have only now just found out from the insurer that I have miscalculated my future finances by $2 million dollars. So does the replacement policy over ride the original policy? (The policy did not change in the usual way that an insurer makes changes to all members with this policy). I can send you the piece of the policy that was missing that does state a deduction applies if you want it.
Customer reply replied 5 months ago
If you want the whole 25 page policy I can send it to you.
Solicitor: Leon, Solicitor replied 5 months ago

Good Morning

My apologies for the delay I was not online I was on a flight to the US.

Is there actually a page missing

Have you checked to see if they are all there?

You can email it to me the email address is***@******.***

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Customer reply replied 5 months ago
Dear LeonSorry to catch you in the middle of an overseas trip. I appreciate your availability.Here is the replacement policy sent to me in 2013 by the insurer. It is the only policy I have. I lost the original of 1994.
I have attached the missing 2 addendum pages that are apparently on the original policy of 1994.
So the only difference is the 2 pages. However, they result in my age at time of claiming total incapacity giving rise to a 50% reduction in ongoing payments after age 65, till death.
So the issue I have is whether their replacement policy (without the addendum) is considered the actual contract or not. Please note the first page telling me that it is to be treated as the actual policy.Regards
Robert
Solicitor: Leon, Solicitor replied 5 months ago

Good Morning from Hawaii

I will check the emails and see if I have received them. When I do I will contact you directly.

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Customer reply replied 5 months ago
Sorry to catch you in the middle of an overseas trip. I appreciate your availability. Here is the replacement policy sent to me in 2013 by the insurer. It is the only policy I have. I lost the original of 1994. I have attached the missing 2 addendum pages that are apparently on the original policy of 1994.So the only difference is the 2 pages. However, they result in my age at time of claiming total incapacity giving rise to a 50% reduction in ongoing payments after age 65, till death.
So the issue I have is whether their replacement policy (without the addendum) is considered the actual contract or not. Please note the first page telling me that it is to be treated as the actual policy.
Solicitor: Leon, Solicitor replied 5 months ago

Good Morning

The 2 pages were in the original policy but were removed in the policy statement sent in 2013?

When did they send them to you again?

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Solicitor: Leon, Solicitor replied 4 months ago

Good Afternoon

I am following up my last post and seeing if there is anything else I can assist you with?

I look forward to hearing from you.

Regards

Leon

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