The case of a dying man using his remaining strength to fight for a $470K life insurance payout has advisors answering tough questions about sloppy underwriting.
The case of a dying man using his remaining strength to fight for a $470K life insurance payout has advisors answering tough questions about sloppy underwriting.
More than 30,000 people have signed a petition to help Hany Matar fight an insurance company that he claims are trying to use a loophole to avoid paying out on his life policy.
In 2011, Matar was diagnosed with Ampullary Adenocarcinoma, a rare and incurable cancer, which had already spread to his liver.
But after he received his diagnosis Matar was shocked to receive a letter his employer, BOC Gas, saying the high blood cholesterol he used to have meant the company was not obliged to pay him $470,000 when he died.
Three years before his diagnosis his cholesterol levels were back in line and have no connection to his cancer diagnosis.
BOC says his insurance was limited to accidental to death because he was “suffering from a medical condition that significantly increased his health risks.”
“They had used "high cholesterol" to shaft me to an insurance level that meant when I got cancer I wasn't covered for the disability income, TPD, death cover and income protection,” said Matar to the Daily Mail.
But Matar did not check the fine print before his diagnosis.
“When my cholesterol went down, I didn't update the medical documentation because I didn't know the clause... I didn't understand it had any impact on my entitlements,” Matar said to the Daily Mail. “I was young and fit. I thought I had years to live. There are so many people that mustn't read their health insurance policies too.”
This fund had the usual options, including cover because of death or for permanent disability.
BOC claim Mr Matar “was invited on at least two occasions to have that decision reviewed but he did not do so.
“While the Trustee does not wish to add to Mr Matar’s distress, some of his statements do need to be corrected,” a company spokesperson told the Daily Mail.
“Following an assessment of his health when he first joined the fund in 2008/09, Mr Matar’s cover was restricted to ‘accident only’.
“The Trustee has not refused payment of a benefit to Mr Matar. He has not made a claim for payment at this stage.”
But Matar disagrees, telling Daily Mail Australia: “In 2011, I asked about reviewing my policy and was advised no, it would remain accident only.”
Matar and the company are meeting on April 14 to discuss the insurance. The matter will go further in court if they cannot come to an agreement or the case is not dismissed.
More than 30,000 people have signed a petition to help Hany Matar fight an insurance company that he claims are trying to use a loophole to avoid paying out on his life policy.
In 2011, Matar was diagnosed with Ampullary Adenocarcinoma, a rare and incurable cancer, which had already spread to his liver.
But after he received his diagnosis Matar was shocked to receive a letter his employer, BOC Gas, saying the high blood cholesterol he used to have meant the company was not obliged to pay him $470,000 when he died.
Three years before his diagnosis his cholesterol levels were back in line and have no connection to his cancer diagnosis.
BOC says his insurance was limited to accidental to death because he was “suffering from a medical condition that significantly increased his health risks.”
“They had used "high cholesterol" to shaft me to an insurance level that meant when I got cancer I wasn't covered for the disability income, TPD, death cover and income protection,” said Matar to the Daily Mail.
But Matar did not check the fine print before his diagnosis.
“When my cholesterol went down, I didn't update the medical documentation because I didn't know the clause... I didn't understand it had any impact on my entitlements,” Matar said to the Daily Mail. “I was young and fit. I thought I had years to live. There are so many people that mustn't read their health insurance policies too.”
This fund had the usual options, including cover because of death or for permanent disability.
BOC claim Mr Matar “was invited on at least two occasions to have that decision reviewed but he did not do so.
“While the Trustee does not wish to add to Mr Matar’s distress, some of his statements do need to be corrected,” a company spokesperson told the Daily Mail.
“Following an assessment of his health when he first joined the fund in 2008/09, Mr Matar’s cover was restricted to ‘accident only’.
“The Trustee has not refused payment of a benefit to Mr Matar. He has not made a claim for payment at this stage.”
But Matar disagrees, telling Daily Mail Australia: “In 2011, I asked about reviewing my policy and was advised no, it would remain accident only.”
Matar and the company are meeting on April 14 to discuss the insurance. The matter will go further in court if they cannot come to an agreement or the case is not dismissed.
