Insurance Company Description: The Macquarie Bank started its operations in Sydney in as early as 1985 and it came to be listed on the Australian Stock Exchange from 1996. The online product from Macquarie is known as FutureWise and Macquarie is known for offering personal insurance which is obtainable either through the super or can also be purchased through the financial advisers who deal with their FutureWise insurance suite. Financial advisers make sure to keep your application process quick by offering convenient policy premiums and they also offer plenty of choices in this manner which includes multiple waiting periods regarding income protection.
Covers: The insurance coverage offered by Macquarie is Life Insurance, Trauma insurance, Total & Permanent Disability Insurance, Disability Income Insurance, Business Expenses Insurance, Child Trauma Cover and Blood Borne Disease Insurance.
Pros: Most of Macquarie’s customers are quite happy with the services and facilities offered by this insurance firm. Macquarie’s clients are extremely satisfied with the customizable option offered by them. Apart from the standard features offered by Macquarie, you can add a few other options at higher premiums but at the same time, they will ensure that you can get the benefits of your coverage in the best way possible. For most of the customers, income protection insurance works the best. This type of insurance offers several advantages to the user such as the liberty to choose the waiting period which can be anywhere from 30 days to up to 24 months. Customers also like to be in control of their insurance plan wherein which they get the chance to choose the duration of their income protection policy which is either two years or five years or to the age of 65. Extra benefits which are provided by Macquarie include getting future increases or home care benefits. The accident option is also extremely beneficial to the clients as it covers for any injuries that are caused at the workplace. Flexibility is the motto of Macquarie and this is how they help clients secure their future financially. Macquarie is one of the few insurance companies that offers special type of insurance for blood borne disease and also covers for situations when the insurer contracts HIV, Hepatitis B or Hepatitis C while he or she is working.
Cons: Some of the customers are of the view that Macquarie is quite slow in processing claims and sometimes, the claims may even take several months to be processed.
Conclusion: Macquarie has earned its reputation by offering clients exactly what they look forward to from an insurance coverage.
Note: Views expressed in this review are not the opinion of Insurance Pick. It is a summary of multiple reviews collected from community-review websites posted by consumers. Please read our Disclaimer for more information.