Vulnerability and financial hardship are complex issues, and the insurance industry is committed to improving outcomes for customers facing them. We understand the important role we play in our clients’ lives and our responsibility to treat every customer with respect and compassion — recognising that everyone’s circumstances are different.
What is vulnerability in the context of insurance?
Vulnerability can be the result of a range of factors, including:
- Age
- Disability
- Mental health conditions
- Family violence
- Language barriers
- Cultural background
What is financial hardship?
Financial hardship means having difficulty meeting your financial obligations to your insurer — for example, due to job loss or illness.
What to do if you’re experiencing financial hardship
- Contact your insurer as soon as possible to discuss the support options available to you.
- The General Insurance Code of Practice sets out how your insurer may be able to assist.
Need urgent financial assistance?
If you urgently need the benefits you’re entitled to under your policy — for example, if your wallet is stolen while overseas — contact your insurer straight away. If they’re satisfied you’re in urgent need, they’ll fast-track your claim and/or make an advance payment, generally within five business days.
Missed a policy instalment payment?
If a monthly instalment goes unpaid for more than a month, your policy may be cancelled. Contact your insurer as early as possible if you’re at risk of missing a payment.
Can’t afford your excess?
Let your insurer know as soon as possible if financial hardship means you can’t cover your excess — they can talk you through the options available.
Owing money to an insurer
You can owe a debt to an insurer even if you’re not their customer — for example, if you’re at fault in a car accident and uninsured. If you’re experiencing hardship, you can work with the insurer on a repayment arrangement that’s manageable for you.
Get in touch
If you’re experiencing vulnerability or financial hardship, contact your M+S Insurance broker directly — we’re here to help you find the right support, or point you toward it.