And the whiter than white Australian Companies are ...................
Sarcasm does not become you.
In our research into this for the VLRC Review, we discovered in the early to mid 90's, there was a massive battle for market share amongst the myriad of Life Coys., competing for business in a small market. Policies were written and costed to write business without a weather eye that people would actually claim.
The inevitable happened, and rationalisation occurred. Dozens of smaller Life Coys., were gobbled up by larger competitors. eg Prudential was bought by Colonial who was bought by Commonwealth Bank which is now Comminsure. When we claimed our SGC TPD, they paid after ONE Claim Form and ONE letter, on exactly the same evidence the other Insurance Company is studiously ignoring....sorry fellas...the Judge will make you focus soon.
There is now a bigger market with fewer players.
Income Protection is essential but it also essential that you find a Company who will actually pay when you need it.
With our knowledge acquired now I would say that AMP is OK....Zurich doesn't get to many mentions and of course Insurance offered by Banks are NEVER in SC Lists. Forget the rest.
Most of them have laid off their Risk to big European re-insurers like Hannover, Swiss-Re so if they don't pay up,
you are fighting 2 Insurance Company's, not one!!!!