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AFCA finds MLC failed to give proper notice of rate increases

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A dispute ruling against MLC, the Australian Financial Complaints Authority (AFCA) found that the company did not give adequate notice when it raised the critical illness premiums of a policyholder.

The complainant disputed the changes to his policy, saying he was misled about how the increases tied to annual rises in benefits would work. MLC also made underlying premium rate increases and the complainant says that he was misled into believing those would not happen.

The AFCA found that MLC did not mislead the customer but determined that it should have warned him about premium increases in accordance with its policy terms and Australian law..

But the ombudsman determined that MLC had not notified him of the change to premiums in 2014, 2015 or 2016 in accordance with its policy terms or under the Corporations Act.

The Australian Financial Complaints Authority has found that the insurer did not give notice of a change in premium rates and as such, it was not entitled to make these changes. The complainant is to have his premiums returned for the years 2014-2016.

Published:Thursday, 19th May 2022
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Insuring your most valuable asset

While many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future. Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more. The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.

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Knowledgebase

Disability Insurance:
A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.

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