Freedom Insurance in liquidation
Freedom Insurance went into liquidation in February 2020 and the remediation program is being undertaken by the underwriters of the life insurance policies. Accordingly, past and current Freedom Insurance policyholders will be approached in relation to the remediation program by Genus Life Insurance Services, the appointed Administrator of the Freedom Remediation Program rather than Freedom Insurance.
About Freedom Insurance
Freedom Insurance was a business that sold life, trauma, accidental death, injury, funeral and loan protection insurance. Freedom Insurance typically sold these life insurance policies over the telephone. These life insurance policies were underwritten by Swiss Re, AIA and Noble Oak who were the life insurers of these products.
The Freedom Remediation Program
The Freedom Remediation Program was established to identify and compensate customers of Freedom Insurance who may have been disadvantaged by the following past conduct:
- Failure to properly disclose the life insurance policy's key features and limitations at the point of sale
- Engaging in pressure selling techniques
- Selling products with limited value to the customer
- Not cancelling life insurance policies promptly when requested by the customer
Further details about the program can be found here.
Making a complaint to AFCA
The remediation program requires Genus Life Insurance Services to contact impacted customers. The communication will identify and outline what compensation may be considered appropriate in your matter.
If a consumer is dissatisfied with the outcome of the Freedom Remediation Program they may make a complaint to AFCA.
AFCA is an independent dispute resolution service. Our services are free to consumers, and consumers do not need to be represented to lodge or pursue a complaint at AFCA. Consumers can contact AFCA for assistance with submitting a complaint.
AFCA will review whether the conduct of Freedom Insurance has caused a loss to the complainant. In circumstances where the customer’s main loss is the cost of premiums, this may require the refund of premiums, plus any applicable bank charges and any interest the money may otherwise have earned. However, AFCA will decide each case on its merits and may take a different approach to compensation if the consumer has experienced additional losses.