My father died about 16 years ago and my mother paid out their housing loan with his super fund ,?

Question

my mum didnt know about loan insurance then but does believe they had it .. is it to late for mum to get this money back ? and how would she do it ? please help mum needs a boost ,, we live in australia

Answer 1

did she have loan insurance with the bank she had the loan with AND does she still bank with them today?  this would be a good start.

the issue might be that the bank may only be required to hold certain records for so long.  so in other words, after a certain period of time has passed, the records are destroyed and there is no way of the bank knowing she held the cover.  this is just a guess though.

i work in insurance in australia and i think we are only required to hold records of claims for either seven or ten years, after this time, the files can be destroyed.  so, lets say she DID make a claim against her loan insurance, there would be no way of knowing if she ever did make that claim if the records were destroyed after a certain period of time.  the time period may be govt legislated.

best bet is to locate old paperwork and start calling the bank to see if their records stretch back that far.  if it's a legitimate claim and there is no time limitations in the paperwork, then you may have success.

Answer 2

She needs to get in touch with whoever she thought they had loan insurance with and enquire. Or if she can find the loan paperwork and see what they were covered for exactly then she can approach them about a payout. But 16 years may be too late for it to be considered.

When my husband died I had an insurance company get in touch with me about a policy that I didn't even know we had.