Insurance Policies provided by advisers have higher claims payout success

Advised life insurance has a higher rate of admitted claims than non-advised insurance across all four product types, according to new data released by ASIC and APRA.

The two regulators released the data as part of the second phase of an ongoing project to collect and analyse claims data from all life insurers to establish a consistent public reporting regime for claims outcomes (see: Regulators Begin Collection of Claims Data).

The data, which covered life insurance claims and claims related disputes for the period 1 January 2017 to 30 June 2017, found the admittance rate for advised insurance for death cover was 98 per cent compared with non-advised at 88 per cent.  To read more of the article click here.