More people bail out of health funds

More people are ditching their health insurance due to cost concerns, a new survey has found.

Roy Morgan Research showed that in the year to 31 March 2018, an estimated 256,000 people decided not to renew their private health insurance.

This was up from 182,000 in the same period in 2017, making it the highest number for the past five years.

Being ‘too expensive’ was the main reason consumers give for dropping out of health insurance. This rose to 53.3 per cent over the year, up from 47.1 per cent the previous year.

Other road users are the biggest fear for Baby Boomer drivers

Baby Boomers are Australia’s best drivers but more than half of them fear the behaviour of other road users, new research shows.

A survey of more than 2,000 Australian drivers found 58 per cent of Boomers, born between 1956 and 1961, feared other drivers the most.

But while seven out of 10 Baby Boomers had fears about travelling on the roads, they were also the most fearless, in contrast to 91 per cent of Generation Y or Millenials (those born between 1981 and 1997).

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.

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