Frequently asked questions
The Frequently Asked Questions relate to the Freedom Insurance Remediation Program. If you are a Freedom Insurance policyholder see the Contact Us page for details.
What is the Freedom Remediation program?
The Freedom Insurance Remediation Program was established to identify and refund customers who may have been disadvantaged by Freedom Insurance's past conduct. Freedom Insurance stopped selling life insurance in 2018 and is currently under investigation by ASIC.
You can read more about the Program in the articles published on AFCA's website and on the ASIC news hub.
In these Frequently Asked Questions, any reference to we/us/our is referring to Genus Life Insurance Services Pty Ltd, an Authorised Representative of NobleOak Services Ltd Australian Financial Services Licence 286798, the administrator of the Freedom Insurance Remediation Program. Any reference to the Insurers is referring to the issuers of the policies/plans sold by Freedom Insurance: AIA Australia Limited, NobleOak Life Ltd and/or Swiss Re Life & Health Australia Ltd.
Why am I being contacted?
The Insurers have concerns about the way the insurance was sold by Freedom, so Freedom Insurance's past conduct is being reviewed to identify and refund customers who may have been disadvantaged by their sales and/or administration practices.
According to the Insurers’ records, you have held in the past a Freedom Insurance policy/plan. Therefore, you may have been affected by Freedom Insurance’s past conduct. If we find you have been disadvantaged, we will offer you a refund.
Will I be charged for this?
This is free of charge to you.
We have cost-free ways for you to contact-us, please see the Contact Us page for details.
How is a refund calculated?
Refunds will be calculated based on the premiums you paid and fees (if any) you incurred, plus an amount representing what you could have earned if you had not purchased your Freedom Insurance policy/plan (‘compensatory interest’).
What if I still hold Freedom Insurance?
If you still hold Freedom Insurance, we will call you to discuss this with you. We will not make any adjustments without speaking with you first.
Additional assistance
You can choose to have a support person with you, such as a relative or friend, when communicating with us.
If you want to have another person speak with us on your behalf, you will need to fill out a Third Party Authority Form and return it to us before we can speak with that person.
Concerns and complaints
Administration of the Freedom Remediation program
Freedom Insurance has stopped selling and administering insurance products. Genus Life Insurance Services Pty Ltd is the administrator of the Freedom Insurance Remediation Program. You should contact us if you have a question about the Freedom Insurance Remediation Program.
Program purpose
The Freedom Remediation Program was established to identify and compensate customers of Freedom Insurance who may have been disadvantaged by past conduct of Freedom Insurance. This past conduct may have included:
- Not properly disclosing the life insurance policy/plan's key features and limitations at point of sale
- Engaging in pressure selling techniques
- Selling products with limited value to the customer
- Not cancelling life insurance policies/plans promptly when requested by the customer
If Freedom Insurance engaged in this conduct and it caused disadvantage to customers, then those customers will be eligible to receive a compensation payment. This will be calculated based on the premiums the customer paid, any bank fees and charges the customer may have incurred, plus the interest the customer could have earned.
About the Remediation Program
The Remediation Program is managed by Swiss Re Life & Health Australia Limited (SRLHA) with the co-operation of AIA Australia Limited (AIA) and NobleOak Life Limited (NOL). At various times throughout the period of Freedom Insurance's sales and administration practices, SRLHA, AIA and NOL were the insurers of Freedom Insurance policies.
You can read more about the Program in the articles published on AFCA's website and on the ASIC news hub.
This website is maintained on behalf of SRLHA by Deloitte Touche Tohmatsu (Deloitte), a firm engaged by SLRHA to provide consulting services and carry out the Remediation Program. When you interact with this website, Deloitte receives your information on behalf of SRLHA in accordance with the Privacy Policy.
Genus Life Insurance Services Pty Ltd (Genus) and NobleOak Services Limited (NOS) provide administration services for the Remediation Program on behalf of SRLHA, AIA and NOL. Genus is the Program Administrator and your primary point of contact if you want to know more about the Remediation Program or speak to someone about participating in it. You can read more about these relationships under Program Administrator and in the Financial Services Guide.
Program Administrator
Genus Life Insurance Services Pty Ltd (Genus) is part of NobleOak Life Ltd, a company first established 140 years ago as the ‘United Ancient Order of Druids Friendly Society of NSW,’ NobleOak Life Ltd is an Australian public listed company regulated by the Australian Prudential Regulation Authority.
Genus was established in 2019 and provides management and ongoing services in relation to Freedom Insurance life insurance policies/plans including processing of premium payments, responding to customer service calls, mailing annual policy anniversary letters and handling customer claims.
Genus has been appointed as Administrator of the Freedom Remediation Program (Program) and is the primary point of contact for all queries in respect to the Program.
Genus Life Insurance Services Pty Ltd (ABN 89 631 536 537) is an Authorised Representative of NobleOak Services Ltd (AFSL 286798).