Life, Trauma, Income Protection and TPD insurance are there to cover you for dire events.

So when you need to make a claim, you need it approved NOW – and paid as quickly as possible. Unfortunately, that’s not always what happens. ASIC recently found that some life companies were rejecting as many as 1 claim in every 3*. That’s quite an alarming statistic, but bear in mind it’s not all life companies, only some.

ASIC also found that the “claim declined” rate was around 50% higher where the claimant went direct to the insurer than if they went through an adviser. In other words, you have a much greater chance of success with an adviser.

Why is that? In our experience, there are several reasons:

  • Professional advisers have the technical expertise to help you get the right cover in the first place
  • We can also guide you to a Life company that has a better claim-payment culture and track record
  • And just as important, we can help you make the claim – doing the paperwork and getting it paid promptly.

Remember, if you or your dependants are making a claim, then there’s going to be plenty of stress as it is. It’s great to have someone else take that additional burden and stress away, and also to get the result you’re after – your claim accepted and paid.

Talk to your adviser

This is one of many insurance insights that enable us to help you achieve your goals. Speak to your financial adviser today!


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Source: * https://www.asteronlife.com.au/the-danger-decade-for-australians. Asteron Life’s research revealed that alarmingly, over two thirds of trauma insurance1 claimants (68%) are in their 40s.
The information contained within, including taxation, does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances and reading any product disclosure statements. RI Advice Group Pty Ltd ABN 23 001 774 125, AFSL 238429.