28 July 2016
There has been publicity this week about a New Zealander taking a case against ANZ bank.
The customer took out a Life insurance policy with ING (now OnePath) prior to 2010.
The policy’s product disclosure statement (PDS) did not define what a “permanent Australian resident” is. Special Category Visa (SCV) Kiwis are not Permanent Residents, as defined by the Migration Act, but can remain in Australia indefinitely.
Did you take out a policy through ANZ for income protection or life insurance before 2010? If so, you may not actually be covered by the policy.
If you are an ANZ client please check the Product Disclosure Statement (PDS) of your insurance policy to confirm the definition of PR. If it states New Zealand citizens or SCV Kiwis are covered you are fine, but if it says you must be an Australian citizen or Aus Permanent Resident query it with the provider (the financial advisor or ANZ).
Please email Oz Kiwi if you are an affected ANZ customer with a current policy that was taken out before 2010.
Read more about the ANZ court case.