Has anyone ever heard of ‘junk insurance’ before? No? I hadn’t either. However, according to CEO and Founder of Get My Refund, Carly Woods, this is an important thing for us to look into, as it can pay off!
In fact, you’re typically looking at around getting between $1,000 and $3,000 refunded thanks to junk insurance (aka dodgy insurance deals from our past). And considering a lot of us are sitting around in lockdown, now’s a really good time to see if you qualify.
Helloooo extra cash!
According to Carly, junk insurance isn’t something people actively pursue simply because, well, insurance is dull. And ‘junk insurance’ sounds less exciting than a bowl of potatoes.
For most people getting junk insurance refunds sits on this ‘sometime later’ list of stuff I *should* do. It’s wedged firmly between the ‘too hard basket’ and the ‘not sure if I even qualify’ basket.
But, my advice, don’t let life get in the way of getting refunds on junk insurance.”
So, what is junk insurance anyway?
As Carly explains,
Junk insurance is a catch-all term for a whole bunch of useless insurance products that millions of people have had and often took out without even realising.
Think credit card insurance, personal loan insurance, gap insurance, extended warranty cover, and home loan insurance cover to name a few.”
These products were added on to credit contracts by banks, car dealers, retailers and insurers.
You name it, pretty much everyone was flogging these products before the Royal Commission reined them in.”
Odds are, you’ve been sold into junk insurance
I don’t know about you, but I cannot even count the number of times I’ve been “upsold” on things like this.
And normally I would just say, “Yah sure,” just because I wanted to get off the phone or because my toddler was about to bomb dive off the lounge.
Carly explains that this is how it often happened. This is why junk insurance refunds are so important now.
“The process of getting people on board with these products was an exercise of stealth. And if people did know they were signing up, they only took out the products because of the scare tactics that forced them to consider every worst-case scenario possible in their lifetime.
And for mums, the idea of burdening anyone or not being able to meet their commitments is something that has the power to make anyone sign on the dotted line.
So mums (and dads alike) did this in the thousands, believing that they had a valuable product they could claim on if they needed it. Except they couldn’t, because the products were useless, or rather junk.”
These products have finally had their day and there is now up to $60 billion worth of refunds coming to consumers. In our own experience, it is mostly women who are seeking and receiving refunds.”
But how do you know if you are due a refund?
1. If you have taken out a personal loan, credit card, car or bike finance or mortgage in the last 10 years then an add-on insurance was probably included.
2. If you do realise you have been sold a product you didn’t want, didn’t need or didn’t use, then speak to the bank or insurance company that issued the policy to get the refund that is rightfully yours.
3. If you can’t find your loan documents or think the policy might have been very well hidden, then seek the services of a refund company like Get My Refund to liaise with the bank to check whether you are due a refund. They do all the dirty work for you too. Bonus.
Want to hear the best part about junk insurance refunds?
Refunds are typically between $1,000 and $3000, Carly tells Mum Central. Plus, the process is simple and after all, who wouldn’t elevate free money to the top of their priorities? Count me in.
What to read next
If you are looking to sort through your finances, we have a few great hints and expert tips that can help. Check out:
- Money Mindset: The 5 Simple Steps to Help You Change Yours
- New Financial Book Designed For Mums and Better than The Barefoot Investor IMO
- 10 Money Saving Tips to Get Cash Back in Your Pocket!