APRA releases interesting data each quarter on life insurance claims. In the latest publication you can again see large differences in the average size of claims amounts paid by insurers when individual cover is arranged by a financial adviser vs when coverage is obtained by other means.
Taking Total and Permanent Disability claims as an example. For admitted claims paid in the 12 months to June 2022, the average size of claims paid when cover is arranged by an adviser, is more than 4 times larger than when cover is arranged in a “group” style arrangement in a superannuation fund. The latter is often (but not only) given as default cover, and automatic amounts of coverage is given without taking into account each member’s personal needs.
A financial adviser, like those at Experien Insurance Services, can arrange tailored amounts of cover based on each insured’s personal needs, goals and circumstances. And they can work with an insured to give the insurer valuable extra information to allow the insurer to agree to higher amounts of cover, such as medical evidence of good health.
This is general information. Contact us to find out more. Always read the PDS issued by the insurer before considering taking out insurance.
If you would like to find out more, feel free to contact us for a complimentary review.
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide. Always read the Product Disclosure Statement issued by an Insurer before considering insurance
