AustralianSuper to pay $4.2m for delayed claims handlingBY ELIZA BAVIN | THURSDAY, 21 NOV 2024 12:49PMThe super fund said it would soon start a program to compensate beneficiaries whose death benefit claims took longer than the fund's internal target handling time. Related News |
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Philip Miall
HEAD OF MULTI-SECTOR PRIVATE DEBT
QIC LIMITED
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QIC head of private debt Australia Phil Miall's nearly 30 years' experience covers every corner of the credit market. He shares why active management is critical in the asset class and what he's learned during periods of tumult. Karren Vergara writes.
In commercial reality, an insurance Death benefit should be paid in 30 days after the receipt of the Certified Copy of the Death Certificate and Certified Copy of the Nominated Beneficiaries ID. But administration with their corporate lawyers ask for other documents like certified copy of the WILL, which legally is not relevant but delays and confuses the process unnecessarily causing more grief. Therefore, compensation should be paid, instead of TV adds criticising financial advisers. If a financial adviser was involved, their advice would provide $42 million in appropriate insurable needs, not $4.2 million - tick a box bureaucracy.
Assuming that $4.2 million is the total cost to Aus Super that is an average of only $600 per claim which is paltry considering the impact on the claimant at what is arguably the most life changing and stressful times in their life.
This cannot be right?!