Our top story this week reported a majority of advisers support the premise that future TPD products should offer clients an option to exclude cover for mental health conditions…
- Agree (60%)
- Disagree (30%)
- Not sure (11%)
A majority of the adviser community support the premise that future TPD products should offer clients an option to exclude cover for mental health conditions.
As we go to press, just over half (57%) of the respondents to our latest poll agree with the hypothesis that future TPD products should offer this option, while 27% of respondents disagree and 17% are not sure.
As we reported last week our poll addresses one of the most prominent issues stemming from the recent TPD Round Table, namely how to address the challenges associated with mental illness TPD claims.
Given the relative lack of objectivity that applies to assessing mental health TPD claims, and the significant pressure that we understand continues to mount on increasing TPD premiums even more, one logical pathway suggested by the TPD Round Table panel was one that projects a future in which the client is offered a choice as to whether they want their TPD contract to include cover for mental health and other neurological-type conditions.
…the premium applying to TPD contracts that exclude coverage for mental illness and related conditions will be lower…
As we noted, the logic runs that – as long as the client is offered the option – the premium applying to TPD contracts that exclude coverage for mental illness and related conditions will be lower than the standard TPD policy offers which include them.
Our poll remains open for another week and we welcome your views…