We are not required to display this though suggested by the NIBA Code of Practice (for brokers) Compliance Committee. This is a service which is offered by insurers and not brokers however is available as awareness for clients should they have the need for any assistance.
This section will provide overview of the financial hardship provision in the code.
It is recommended that anyone seeking financial hardship review the financial hardship section in the code for full details (Section 10).
“Financial Hardship” means you are having difficulty meeting your financial obligations to an insurer.
If you owe money to a general insurer and/or are experiencing financial hardship, you may ask an insurer to assess whether you are entitled for assistance.
NOTE: The Financial hardship provisions in the Code of Practice do not apply to unpaid general insurance premiums.
If an insurer determines that you are entitled to financial hardship assistance for a debt owed, they will work with you on a payment arrangement, for example, extending a due date for payment, paying amount in instalments or paying a reduced lump sum.
Your Gallagher Broker will assist you with the process throughout and with contacting the insurer to request a Financial Hardship application form and for details on where to send your application.
The following information may be of use to an insurer when assessing your request for Financial Hardship assistance: \
Personal Details (required for your application)
Policy number / claim number / reference number;
Name of insurer;
Your full name;
Your address and contact details;
Number and age of dependents;
Employment status (Full-time, Part-time, self-employed, unemployed);
If you would like to nominate a representative to handle your application on your behalf (including their details).
A. Income you receive per fortnight
Wages after tax
B. Expenses you pay per fortnight
Rent and/or mortgage payments
Other loan payments
Credit card payments
Child support payments
Motor vehicle expenses
C. Total Income – Total Expenses per fortnight (A-B)
You may be required to provide documentation to support your application for Financial Hardship including a description of your financial circumstances.
The following documents may assist with your application if you choose to attach them:
Letter from doctor confirming inability to earn income due to disability, injury, illness or caring for sick family member
Overdue medical bills/medical expenses
Bank notice re: unpaid overdraft or repossession of mortgaged property
Copies of unexpected bills/payments
Pending disconnection of essential services
Letter from former employer confirming loss of employment
Letter from charitable organisation re loss of employment or inability to provide for basic necessities
Repossession notice of essential items, eg car, motorcycle
Notice of impending legal action
If you are unable to reach an agreement with an insurer about Financial Hardship assistance, or if you are unhappy with any aspect of the application process, you may make a complaint to the insurer.
The insurer will make available to you information about the complaints process.