The issue which the parties sought to have determined were whether the benefits of a life insurance policy received by the surviving community-of-property spouse as beneficiary were protected under section 63 of the Long-term Insurance Act, 1998 (LTIA). The provisional trustees of the insolvent joint estate alleged that the transaction, by which the benefits were immediately
This blog was co-authored by William Hayne, Candidate Attorney.
In September 2024 the High Court found that the policy wording and section 54 of the Long-term Insurance Act of 1998 allowed the policyholder to either cancel her investment policy as a whole or make a partial withdrawal but not both.
The policyholder had invested her inheritance
In September 2023 the Supreme Court of Appeal held that, where 8 000 individual funeral policy members had formed part of a group scheme under the Long-term Insurance Act 1998 which was no longer a “group” scheme as defined in the Insurance Act 2017 from 01 July 2018, the insurance policies and the related intermediary