Insurance

Better treatment for road accident injury victims

People who suffer serious injuries in Queensland motor vehicle accidents will get earlier and better treatment under a scheme funded by a levy on car insurance and registration.

The state’s Treasurer, Curtis Pitt, said the National Injury Insurance Scheme Bill was passed on 26 May, after input from key stakeholders including National Seniors.

“From 1 July 2016, people who sustain a serious personal injury in a motor vehicle accident in Queensland will receive treatment, care and support, regardless of fault,” Pitt said.

Life Insurance Reform Legislation

National Seniors is seeking stronger legislative provisions to prevent the current practice of advisers switching clients into new, less suitable life insurance products.

Advice for Cyclone Marcia claimants

Insurance forums will be held in Yeppoon and Rockhampton for claimants affected by Cyclone Marcia.

The Insurance Council of Australia (ICA) will hold two forums in March giving advice on the recovery process for insured property owners, including claims and handling, claims assessment, settlement options, site clean-up and rebuilding, and dispute resolution.

The forums will be held on in Yeppoon on Wednesday 18 March from 7pm to 9pm and Rockhampton from 7pm to 9pm on Thursday 19 March.

The difference between Market Value and Agreed Value

A common question when investigating comprehensive car insurance is: What is the difference between an Agreed Value policy and a Market Value policy?

Under a comprehensive car insurance policy, you are provided protection for events like fire, theft, storm or collision. If your car is damaged and the cost to repair it would exceed the car’s value, the insurer will typically declare it a total loss or ‘write it off’.

This is where the difference in Market and Agreed Value comes to the fore.

Funeral bond decision will help lay cost fears to rest

Seniors have welcomed a landmark court case awarding the full cost of a funeral service to the family of a woman who took out a funeral bond more than 60 years ago.

The decision today by Beenleigh Magistrate Joan White in Queensland could set a major precedent and help allay any fears of other people who believed that their funeral costs had already been taken care of, said National Seniors chief executive Michael O’Neill.

Older Australians and travel insurance

A new report has been released examining whether older Australians face age discrimination when purchasing travel insurance.

The report, Ageism in Travel Insurance, summarises the key findings from a survey conducted by National Seniors and COTA Australia regarding members’ views and experiences with travel insurance.

The survey found those aged 70 and over were more likely to cite difficulties in obtaining travel insurance or affordable travel insurance as a major reason for ceasing to travel overseas.

Ageism in Travel Insurance

National Seniors is looking at whether older Australians face age discrimination when purchasing travel insurance products or when making claims.

The issue of ageism in travel insurance was raised by Financial Services and Superannuation Minister Bill Shorten.

The national policy office is currently completing a targeted survey but we also want to hear from members who have had either good or bad experiences with travel insurance.

Seniors slam health insurance hike

The latest government-sanctioned 5.06% hike in private health insurance premiums announced this week is another blow for elderly Australians in their battle against rising living costs.

National Seniors chief executive Michael O’Neill said that retirees on low fixed incomes, particularly those aged over 70, have a very limited capacity to adjust to such price increases.

National Seniors research shows that the income of a single person aged 70 or more, is barely a third of the over 50s average.

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