Oh yes I completely agree with you. It isnt transparent at all and considering the cover isnt underwritten until time of claim, no idea whether they are actually covered anyways.
You can blame the Labor government for bringing in 'opt-out' requirements. Its mandatory for employer funds to have automatic insurance in most cases these days. My biggest issue is the 'profit sharing' agreement funds get from the group insurers. Its as good as a commission for a low claim success rate.
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Oh yes I completely agree with you. It isnt transparent at all...
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