I took mortgage insurance on 3 loans I had with nab as I was told by them it was a good idea. Through redundancy I have learnt quiet a different story. I submitted a claim on all 3 policies and was informed by them the full benefit for all the...
I took mortgage insurance on 3 loans I had with nab as I was told by them it was a good idea. Through redundancy I have learnt quiet a different story. I submitted a claim on all 3 policies and was informed by them the full benefit for all the loans would be paid by one policy. It was then handed through to a claims consultant. Some time later I managed to get a less then 3 week labour hire contract which taking into account the initial 1 month waiting period, I was due 19 days benefit. They paid the benefit for one loan only and then was told the policy could not be claimed on again and said they knew nothing of the other 2 policies and had to complete a search? to find them and then check if there is any benefit payable to me. Basically after the claim I was informed that I should not have taken labour hire work as now the initial policy I claimed on can not be claimed on again for 1 year but I am unemployed. I cancelled all policies to save money as the monthly premiums for all 3 were in excess of $200. the policy will pay out the loans in full in the event of your death but with my experience so far I have made an educated guess this may not be the case. I feel extremely short changed by the insurance and rather foolish believing it's a good idea to find any sort of work. I have paid a considerable amount of money over the years for an insurance that has been I believe conveniently mis handled by MLC with misleading staff on hand to assist your claim.
Scott (SA), reviewed about 2 years ago
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