- TAL Recognised for Gender Equality
- AIA Finds IP Resonates with Consumers
TAL Recognised for Gender Equality
Ongoing efforts to achieve gender equality in the workplace has resulted in TAL being named as a recipient of a national award for the third consecutive year.
TAL was awarded an Employer of Choice for Gender Equality Citation by the Commonwealth Workplace Gender Equality Agency (WGEA) for its efforts to close pay gaps between genders, offering maternity and paternity leave and flexible hours for working parents.
TAL Group Chief Executive and Managing Director, Brett Clark, said the Citation was a recognition of the insurer’s efforts to create and maintain a fair and equitable workplace, which had become part of its business strategy.
AIA Australia Finds IP Resonates with Consumers
Consumers are aware of the value of income protection insurance and some would pay $60 per month via their superannuation fund to receive cover, according to a survey conducted by AIA Australia.
The survey, which asked 1000 Australians about their awareness and attitudes towards life insurance inside superannuation, found that a third of respondents considered income protection as the most important component of life insurance while only 21% of respondents had any form of income protection.
Survey respondents also expressed a preference for an income stream or instalment payments over lump sums, with the former more useful for maintaining and protecting a sustainable lifestyle when unable to work. The respondents also indicated they would be willing to pay almost $60 per month within their superannuation to cover 75% of their income.
AIA Australia Group Chief Insurance Officer, Stephanie Phillips said the results were consistent with product initiatives taking place within superannuation funds which were offering income protection.
Phillips said trustees still had to offer benefits that helped members return to work without overly reducing the member’s retirement savings but believed this was achievable.
This topic seems more aligned to what the insurers are looking for in profit rather than what benefits they should be refining and pushing to their client base to assist in maintaining them and creating customer satisfaction. I know you have to be profitable to survive but it appears that many think a massive hit on the Super fund to increase premiums is the only answer
The issue I see here is what does $60 a month give you ? { As per the figure shown in the article that people are prepared to pay } 75% of what ? I doubt $60 a month is going to cover 75% of a $130,000 income without some major factors on waiting periods and benefit periods taking a “hit”. How long does it pay ? what’s the waiting period ETC. Are we talking about a “blanket” cover ? one size fits all ? I must confess I am not an expert in group insurance so I guess something is better than nothing ? But full underwriting and disclosure is for mine the only correct way to go, along with the SOA THAT OUTLINES IN “PLAIN English” exactly what you have and what you can expect at claim time. I would love to know how many claims made through a clients Super fund are actually enough to cover the debts and ongoing needs. I further wonder how many never get claimed as the remaining spouse or family does not know they have it ! From my observation it isn’t until that “trigger” moment that people actually bother to take a look.
Underwrite everything take away the doubt and keep you clients informed is the only way ! at least for me. Trust Im not to far off track here, but I am sure you can follow that I believe group insurers have to do a lot more communicating with their clients to improve this area assuring them of what they have or need as part of the growth and retention program they require to stay profitable.
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