Real Insurance — life insurance "completely misleading"
I'm 64. In October 2008 I was reasonably fit and healthy, I decided to take out a $100, 000 Life Insurance policy with Real Insurance. Over the phone, as they recorded our conversation, the sales person quoted me fortnightly premiums of $17.42 with no mention what so ever of it ever going up. Friendly sales pitch, it all sounded great. I told him I was a pensioner on a budget, I could afford these premiums. So I signed up with Real Insurance. When I signed up I had a clear conscious I'd answered all his personal questions regarding my health honestly and sincerely. I trusted him, I expected the same honesty, and sincerity in return about the policy disclosers because I don't read, or write too well. A short time later I found out this Real salesman wasn't very truthful after all. He failed to disclose a lot about my policy up front, and I strongly feel it was purposely done. First thing to happen, the premiums started to escalate. I complained, but was told " that's your problem, If you don't like it, cancel your policy." I'm paying $97 fortnightly now and I'm still complaining to Real about the escalating premiums. My account gets overdrawn often. I then applied for legal aid, and my acting solicitor and I laid valid complaints about Reals unethical behaviour with the Australian Financial Complaints Authority who looked into my complaints. It didn't take them long, but sadly they found in favour of Real Insurance on most of my valid complaints. When I was told of the content of Reals reply to my complaints, I thought it highly probable that Real Insurance weren't very truthful to my acting solicitor, or the AFCA. However my solicitor did find real to be in breach of failing to give sufficient notice of premium increases each year for the balance of 90 days not notified.. If this has happened to me, how many other Insurance policy holders are they doing this too? It could come to thousands of dollars owing to Insurance policy holders everywhere world wide, How many days notice have you been getting before your premiums have increase??... I got bad news about 5 days ago. I now have advanced prostate cancer which my Doctor's said is terminal, So I'm now in the process of claiming on my 2008 Real life Insurance policy for terminal illness.. I've only asked Real Insurance for the claim forms to be sent out so far, and I asked a few questions. Already they are starting to show their true colours now that I'm looking at lodging a claim against them.. They have indicated that their looking at getting out of paying me.. ( Part 2 is to follow very soon, if you would like to read it and follow my journey keep an eye on this site if the will let me continue..) Thankyou Eric 6/8/19