The Australian Securities & Investments Commission (ASIC) has recently released Report 498 which highlights the benefits of using an adviser for personal retail insurance (Term Life, TPD, Trauma and Income Protection) as opposed to other channels like direct insurance and insurance held via group superannuation accounts. The report shows that you are 71% more likely to be denied on a claim with a direct insurer as opposed to having the same insurance through a retail (Adviser) channel. Group insurance was also 14% more likely to be declined.
In 2015, $7.2 Billion personal insurance claims were paid and of these 70% came from retail (Adviser) policies.
This report again emphasises the importance to consult a risk specialist for your personal insurance needs as opposed to going online/direct and/or relying on group insurance/superannuation accounts.
Hayden has worked in the financial services for last 15 years and provides specific direct equity investment advice both for clients that require portfolios inside and outside superannuation.