The number of financial advice clients who disclose a history of mental illness is on the rise, according a recent AMP adviser poll.
The AMP Planner Protection Poll asked advisers whether they had noticed an increase in the number of clients who disclosed a personal history of mental illness. 71% responded that they had seen an increase.
AMP Director of Wealth Protection Products, Michael Paff, said the response reflects the increased incidence and awareness of this health issue in Australia.
“With one in five Australian adults experiencing a mental disorder in any year, and general awareness of mental illness increasing, planners and customers are acknowledging the significant impact it can have on people’s lives,” Mr Paff said.
When dealing with cases of this nature, the majority of advisers polled (53%) said that discussing the case with an underwriter upfront made the most difference to the application process.
Despite this, only 35% of those surveyed said that they were seeing an increase in the number of people with a history of mental illness being accepted for Income Protection cover.
The industry has worked hard to improve access to insurance for those with a history of mental illness…
“The industry has worked hard to improve access to insurance for those with a history of mental illness and AMP is committed to removing barriers to cover for as many Australians as possible. However, there’s still room for improvement on this important issue,” Mr Paff said.
According to SANE Australia, nearly half (45%) of the population will experience a mental disorder at some stage in their lives.
