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I have a what was a Life Insurance thru my last but one

Customer Question
Hi. I have a...

Hi. I have a what was a Life Insurance thru my last but one Superannuation Job in 1997. This was changed a few yrs later to an umbrella insurance, and I didn't realise that if I don't die in the allotted time, ie. 2020, I lose all the money I've paid in. If I die before that time, my husand or children will then get $33,000. It goes up every year, and is now $188 per month. Is it right that I should lose the money when I would dearly love to cash it in, as we are Pensioners & I am 77 yo. I am interested in your answer. Regards ***** *****, Bayswater Vic.

Lawyer's Assistant: What state/territory are you in? It matters because laws vary by location.

Victoria

Lawyer's Assistant: What steps have you taken so far?

I have asked the Comminsure if I could close the account and cash the Insurance in. They said no. If in 2020 I am still alive, I cannot receive the cash and lose it all. What a waste of money. I am very upset about it.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I don't think so, thank you very much.

Submitted: 4 months ago.Category: Australia Law
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Answered in 5 minutes by:
4/19/2018
Solicitor: Leon, Solicitor replied 4 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,939
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

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Solicitor: Leon, Solicitor replied 4 months ago

Good Afternoon

Had you been given anything in writing when they were changing the policy?

If not you have a right to lodge a complaint and have the policy reinstated as you were not informed and did not give them any instructions to change the policy.

If they did advise you, you need to look back at what they sent and what it required you to do and if it was clear in what it stated.

Do you have anything from when they changed it?

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Customer reply replied 4 months ago
I know I received notification, but it was nearly 20 yrs ago, & I cannot find it. I can have another look, but we have moved twice since that date (1999). Of course, I am afraid I didn't read it properly, and didn't realise what I signed up for.... But it was a lot of money over the years, with no chance of getting the full amount when it expires if I am still alive.
Solicitor: Leon, Solicitor replied 4 months ago

Have you requested anything from the insuer

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Customer reply replied 4 months ago
I will have a look for the notification, and get back to you if that's ok. If not I don't know what to do. I hate for the family to not receive any money's at all. I know of a few people who have been taken in by these "Umbrella Insurances". Its very unfair. ***** *****
Solicitor: Leon, Solicitor replied 4 months ago

That is fine I will talk to you when you get back to me.

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Solicitor: Leon, Solicitor replied 3 months ago

Good Morning

I am following up my last post and seeing if you need anything further.

I look forward to hearing from you.

Regards

Leon

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Customer reply replied 3 months ago
Sorry to have taken so long Leon. I've been looking at what I've got and cannot see when I actually received the notification.
In 2009 I requested the indexation to cease, as I couldn't afford the extra payments. Even then, every year the premium has gone up from $63.90 to $188.00. which is ludicrous considering that after 2020 no lump sum will be paid. This was original a life cover with Superannuation with The Colonial Mutual Life Assurance, now it has transferred to Comminsure. I will contact Joe Vitali and request a copy of the letter informing me about the change to an Umbrella Policy. I think that would be best.
I'm sorry for the delay, but cannot think of what to do except to send an email to Joe Vitali and also let him know that I have contacted you. Regards, Amy
Solicitor: Leon, Solicitor replied 3 months ago

Good Afternoon

All good let me know what they say.

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Customer reply replied 3 months ago
Hi Leon, I have 2 answers re the Umbrella Insurance from Joe Vitali, but can't copy it. Have you an email address that I can send them to? Thanks, Amy
Solicitor: Leon, Solicitor replied 3 months ago

Good Afternoon

email them to me

***@******.***

I will respond when I get them.

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Customer reply replied 2 months ago
I cannot talk to you any more, you are being used by a scam, and they charged my card $250 ish, I had to change my card and then change nos with the people on the card, which has been very inconvenient. So I had better leave things as they are and try to get some answers another way. Thanks for your help, Amy
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