What is Financial Hardship?

Financial Hardship refers to a circumstance where the individual has or may have difficulty meeting their financial obligations to us or an insurer. Financial Hardship may be due to (but is not limited to) unemployment, divorce, or breakdown of a de facto relationship, death or serious injury of a spouse or dependant, serious injury or illness of the policyholder.

Who is entitled to support?

We encourage all customers experiencing financial hardship to contact us to discuss their circumstances. Depending on their circumstances, examples of the kind of situations where customers may be entitled to support include (but may not be limited to) the following:

• an individual insured or a third-party beneficiary who owes the insurer money — including an excess — under an insurance policy issued by the insurer;

• a customer experiencing difficulty in making premium repayments;

• an individual that the insurer is seeking to recover money from because the insurer believes such an individual caused damage or loss to either an individual insured or a third-party beneficiary it covers under an insurance policy; and

• a customer making a claim under their policy due to an event that has caused them to also be in Financial Hardship and urgent financial need of the benefits they are entitled to under their policy.

Support does not include support with paying the premiums under an insurance policy issued by the insurer.

How does Ivory manage Financial Hardship?

We understand that financial difficulty can affect anyone. We believe in treating our customers with respect, empathy and in a non-judgmental manner. Furthermore, we understand that our customer’s circumstances are unique, and we will work with them to identify the type of assistance that best suits their situation. In addition, we will fast-track the financial hardship request and provide options for the customer to retain their policy if they say they cannot pay their premium.