Experts in life insurance are adept at commenting on the terms, clauses, and benefits of a life insurance policy. Life insurance experts are able to examine and comment on the efficacy of certain life insurance policies. This may be integral in determining whether these policies align with industry standards, are ethical in nature, or contravene any legal obligations. This evidence may be integral in determination of certain cases.
A life insurance policy is a contract between the policy holder and an insurance company where the insurer promises to pay a designated beneficiary (usually a family relation of the policy holder) a sum of money in exchange for a premium, upon the death of an insured person (often the policy holder).
Depending on the terms stated within the policy contract, a critical or terminal illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits, in order to protect the family from an unexpected expenses.
Life policies are legally binding contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer e.g. suicide, fraud, war, riot, and civil unrest.
Life insurance premiums are usually not tax deductible except where the life insurance is provided through a superannuation fund. In Australia, the life insurance industry pays out about $8 billion in claims annually.
Life insurance experts would be significantly helpful in determining whether certain clauses are unethical, contravene industry standard, or fail to meet legal requirements. The specific specialisation and background needed in your life insurance expert will be determined by the relevant and particular circumstances of the matter in question.
At the bottom of this profile are brief details of a number of the experts that Expert Experts represents. Call our office to discuss your requirements and to obtain a recommendation that suits your needs and budget.Expertise in Action
Experts in life insurance can give opinions in cases where there is a dispute over the policy terms, clauses, and benefits. They can compare what premiums and insured amounts are reasonable in the industry and what conditions must arise before a benefit is paid.Sample Reports
For some fields of expertise we have some sample sections of de-identified reports. Please contact our office if you are interested in a sample.Cost
The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:
- The need for a view or inspection of a location
- The quantity of documentary material to be reviewed
- Whether there are reports of other experts to be reviewed and commented on in detail
- Whether there is a need for conferences with the expert either in person or by telephone/Skype
Life insurance plays a vital role in Australia’s social construct, and in providing financial protection to those policyholders in need, it truly has a noble purpose. Indeed, with increasing pressure on government budgets and life expectancies extending, life insurance must play a greater role in our society.Parliamentary Joint Committee on Corporations and Financial Services Report into the Life Insurance Industry
The committee's report has focussed on areas where substantial changes are required to ensure the life insurance industry is held to account in relation to effective consumer protections and industry codes of practice, the transparency of remuneration, commissions, payments and fees, the provision of advice in the best interests of consumers, group life insurance arrangements that do not disadvantage certain groups of consumers, appropriate access to personal medical and genetic information, and fair claims handling practices.Relevant Cases Montclare v Metlife Insurance Ltd  VSC 306
The case concerned a dispute over a payout triggered by a suicide. Experts considered fraudulent non-disclosure and fraudulent or innocent misrepresentations in relation to medical history and whether previous refusal had taken place.Related Blog Articles
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