• Christopher Hall

Advisers help clients increase success of claims on personal insurances

Clients often ask what the difference is between getting a policy though an Adviser or directly from an insurer or phone-sales desk. Recently the governing body (APRA) reported that personal insurance holders with an Adviser are more likely to receive pay-outs than non-advised policyholders.

Below, Table 1, shows that in most cases, Advisers have been able to help their clients through traumatic times and the client has received a better outcome:

Table 1:

Note - DII is Disability Income Insurance; sometimes called Income Protection

The key takeaway for many clients is the important role Advisers play in supporting clients through disability claims like TPD/Income Protection (DII). APRA points to the likelihood that advised clients have clearer expectations regarding what their policies cover, and may also be discouraged from lodging claims that are not covered by their policies. Importantly, not lodging a claim can save unnecessary angst, stress and time, especially at a time when clients should be focusing on their health, or loved ones.

If you would like an obligation-free review of your existing you can book a 15 minute phone discussion here.

Table 1 source: Life Insurance Claims and Disputes Statistics, APRA, June 2020 (released 20 October 2020)