{"id":69466,"date":"2024-01-16T12:21:32","date_gmt":"2024-01-16T02:21:32","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=69466"},"modified":"2024-01-23T12:18:20","modified_gmt":"2024-01-23T02:18:20","slug":"tpd-instalment-payments-your-verdict","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/01\/16\/tpd-instalment-payments-your-verdict\/","title":{"rendered":"TPD Instalment Payments \u2013 Your Verdict\u00a0\u00a0\u00a0"},"content":{"rendered":"<div id=\"polls-316\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>It\u2019s worth considering the concept of instalment benefit payments for future TPD claims in circumstances where the permanency of the condition is difficult or impossible to objectively assess.<\/strong><\/div><div id=\"polls-316-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(59%)<\/small><div class=\"pollbar\" style=\"width: 59%\" title=\"Agree (59% | 103 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(35%)<\/small><div class=\"pollbar\" style=\"width: 35%\" title=\"Disagree (35% | 61 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(7%)<\/small><div class=\"pollbar\" style=\"width: 7%\" title=\"Not sure (7% | 12 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_316_nonce\" name=\"wp-polls-nonce\" value=\"daaaa7653d\" \/>\n<\/div>\n\n<p>The concept of instalment benefit payments for future TPD claims in circumstances where the permanency of the condition is difficult to assess, has met with qualified support from the adviser community.<\/p>\n<p>As we go to press nearly six in 10 (59%) of those voting in our first poll for 2024 agreed with the premise that instalment benefits payments for future TPD claims were worth considering where it\u2019s difficult or impossible to objectively assess how permanent the claimant\u2019s condition is.<\/p>\n<p>However, 35% disagreed that instalment payments were a viable option, while 5% were not sure.<\/p>\n<blockquote><p>&#8230;the focus of our poll is on the growing proportion of TPD claims for which objective assessment is problematic at best&#8230;<\/p><\/blockquote>\n<p>While the bulk of TPD claims today can still be assessed under an objective set of measures, the focus of our poll (arising from the discussion at last month\u2019s <a href=\"https:\/\/riskinfo.com.au\/news\/2024\/01\/09\/permanency-challenges-driving-future-tpd-solutions\/\" target=\"_blank\" rel=\"noopener\">TPD Round Table<\/a>) is on the growing proportion of TPD claims for which objective assessment is problematic at best.<\/p>\n<p>We proposed that if the condition or event or episode on which a TPD claim is based can only be assessed subjectively \u2013 such as some chronic fatigue or mental health-related conditions \u2013 then would it be possible to structure a TPD cover offer that would pay by instalments, presumably with the permanency of the condition re-assessed over time?<\/p>\n<p>However one adviser commenting on our poll raised the question as to how on-going payments would work with TPD.<\/p>\n<p><em>&#8220;Isn\u2019t this what Income Protection is for? Most new Income Protection policies now have on-going income offset clauses, and receiving on-going TPD payments would likely offset any on-going Income Protection payments as this would be deemed as ongoing income.\u201d<\/em><\/p>\n<p>He adds that both TPD and IP need a full revamp.<\/p>\n<p>Our poll remains open for another week and we welcome your thoughts\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The concept of instalment benefit payments for future TPD claims in circumstances where the permanency of the condition is difficult to assess, has met with qualified support from the adviser community. As we go to press nearly six in 10 (59%) of those voting in our first poll for 2024 agreed with the premise that [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":69470,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49,4],"tags":[],"class_list":{"0":"post-69466","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-polls","8":"category-products"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69466","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=69466"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/69466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/69470"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=69466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=69466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=69466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}