FINANCIAL HARDSHIP STATEMENT
Financial Hardship Statement
LMI Financial Hardship Statement
LMI Group including its representatives are committed to supporting clients facing financial hardship. Whilst we are not insurers, we have due regard to ASIC’s expectations of general insurers to effectively support consumers experiencing financial hardship or vulnerability. We maintain our philosophy of ‘best practice’ and act compassionately to clients facing financial hardship, even when we are not specifically obligated to do so. We will assist clients to access financial support whenever possible.
Financial hardship can be caused by unexpected events such as a relationship breakdown or financial difficulty following an injury or natural disaster.
If clients are facing financial difficulty, we will endeavour to assist them to alleviate the problem where possible and as soon as possible.
For example, if the financial hardship involves money due to, or expected from insurers, we will consider what steps would be appropriate and discuss them with the client, such as applying to insurers to expedite claim settlement payments or partial payments based on supportable claim assessments.
The circumstances may require that we suggest that the client seek assistance from or make enquiries of external services such as Centrelink or financial advisors.
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