{"id":69098,"date":"2023-12-12T12:52:41","date_gmt":"2023-12-12T02:52:41","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=69098"},"modified":"2025-03-14T12:02:22","modified_gmt":"2025-03-14T01:02:22","slug":"tpd-sustainability-what-advisers-say","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/12\/12\/tpd-sustainability-what-advisers-say\/","title":{"rendered":"TPD Sustainability \u2013 What Advisers Say"},"content":{"rendered":"<div class=\"header row\">\n<div class=\"intro\">\n<h3>Our poll results report, which found the adviser community appearing to have doubts about the sustainability of the TPD products currently offered in the Australian market, generated strong reader interest this week&#8230;&#8230;<\/h3>\n<\/div>\n<\/div>\n<div id=\"polls-314\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>The Total and Permanent Disability products currently offered in the Australian market are no longer fit for purpose.<\/strong><\/div><div id=\"polls-314-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(57%)<\/small><div class=\"pollbar\" style=\"width: 57%\" title=\"Agree (57% | 95 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(32%)<\/small><div class=\"pollbar\" style=\"width: 32%\" title=\"Disagree (32% | 54 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(11%)<\/small><div class=\"pollbar\" style=\"width: 11%\" title=\"Not sure (11% | 18 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_314_nonce\" name=\"wp-polls-nonce\" value=\"41a2fec483\" \/>\n<\/div>\n\n<p>The adviser community appears to have real doubts about the sustainability of the TPD products currently offered in the Australian market.<\/p>\n<p>As we go to press more than six in 10 (61%) of respondents to our latest poll agreed with the premise that the TPD products offered today \u201c\u2026are no longer fit for purpose.\u201d<\/p>\n<p>However just under one third of those responding (31%) disagree, while the rest are unsure.<\/p>\n<p>In raising this important topic last week we noted that with the industry having recently undergone an Income Protection Insurance transformation (imposed on the sector by APRA\u2019s regulatory intervention), it now appears to be directing its focus to the sustainability of TPD products.<\/p>\n<p>We posed our poll question ahead of a Riskinfo TPD Round Table on the topic, to be released soon, where our discussions in relation to the future sustainability and fit-for-purpose nature of TPD products included:<\/p>\n<ul>\n<li>Demograhic changes and the make-up of the work-force in 2023 compared to 1960s Australia, when TPD was first introduced<\/li>\n<li>Defining \u2018permanency\u2019 in an era of medical advancements<\/li>\n<li>Affordability<\/li>\n<li>The rise in the incidence of mental health issues and therefore mental health claims<\/li>\n<li>The emergence of \u2018return to work\u2019 and rehabilitation programs<\/li>\n<li>The seeming conflict between meeting a TPD definition and returning to wellness<\/li>\n<\/ul>\n<p>To ensure this important discussion continues, we\u2019ll be progressively releasing a TPD Round Table video series over the coming weeks and sharing the views and conclusions reached by our diverse panel of industry stakeholders including advisers, licensees, life companies, reinsurers, associations and other stakeholders.<\/p>\n<p><em>Editor&#8217;s Note: Since this story was published Riskinfo has released Part 1 and Part 2 of the Zurich TPD Round Table video series referred to above. <a href=\"https:\/\/riskinfo.com.au\/roundtable\/zurich-tpd-round-table-part-1\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view Part 1 and <a href=\"https:\/\/riskinfo.com.au\/roundtable\/zurich-tpd-round-table-part-2\/\" target=\"_blank\" rel=\"noopener\">here<\/a> for the second discussion in the series.<br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our poll results report, which found the adviser community appearing to have doubts about the sustainability of the TPD products currently offered in the Australian market, generated strong reader interest this week&#8230;&#8230; The adviser community appears to have real doubts about the sustainability of the TPD products currently offered in the Australian market. As we [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":69102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49,4,8291],"tags":[],"class_list":["post-69098","post","type-post","status-publish","format-standard","has-post-thumbnail","category-polls","category-products","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=69098"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/69102"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=69098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=69098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=69098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}