Changing face of insuranceBY OLIVIA SARAH-LE LACHEUR | FRIDAY, 2 FEB 2018 2:38PM The pace of change in Australia's income protection (IP) offering has gathered significant steam in recent years. For advisers who have been in the industry for a while now, you ... Upgrade your subscription to access this article
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I think there is a con in place. Insurers are very reluctant to separate income protection losses in retail from those in group super.
Insurers please separate the actual losses. Insurers should get out of non-underwritten group income protection before they scream IP losses. Otherwise retail clients and their advisers will lose whatever trust is left.
I agree with the previous comment. There is a very real difference between what I would term a "proper contract" (full fact find, S.O.A, full advice, properly underwritten and adviser support at claim). Rather than "the do you want IP? - sign here contracts", and oh and by the way we will underwrite at claim time. Often sold or marketed by the same insurer.
Yes, the above comments are worthwhile. We do know however that we in Australia have among the very best income protection policies available. Those in the UK and the US offer nowhere near as many ancillary benefits as we do. For instance, often waiting period are not less than 3 months and benefit payments periods to age 65 aren't as readily available as they are here. If our clients want those they'll realise these come at a price.