Gen,
When you mention the discretionary nature of the MBF you paint the picture that they only make payments if they feel like it, this is not the case, in reality they are obliged to make payments in accordance with the rules. There is a dispute resolution rule should the need arise, again you fail to mention this. When it comes to escape clauses your insurance policy probably has more than Jack Rice could jump over. They invented them didn't they???
You admit to not being a member and yet proffer that one reason that the MBF is in such a sound financial position is a dearth of claims, how do you know exactly how many claims they have had and what the total value of those claims are???
Your insurance company is there for only one reason, to make money and lots of it. Get yourself a copy of the rules and read for yourself why the MBF exists. (It is only a few lines " Objects").
