{"id":71089,"date":"2024-04-23T17:24:56","date_gmt":"2024-04-23T07:24:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=71089"},"modified":"2024-04-30T08:43:50","modified_gmt":"2024-04-29T22:43:50","slug":"latest-poll-premium-affordability-and-compromise","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/04\/23\/latest-poll-premium-affordability-and-compromise\/","title":{"rendered":"Latest Poll &#8211; Premium Affordability and Compromise"},"content":{"rendered":"<div id=\"polls-322\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Premium affordability means almost all life insurance policies we place for our clients are a compromise.<\/strong><\/div><div id=\"polls-322-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(84%)<\/small><div class=\"pollbar\" style=\"width: 84%\" title=\"Agree (84% | 88 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(15%)<\/small><div class=\"pollbar\" style=\"width: 15%\" title=\"Disagree (15% | 16 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(1%)<\/small><div class=\"pollbar\" style=\"width: 1%\" title=\"Not sure (1% | 1 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_322_nonce\" name=\"wp-polls-nonce\" value=\"c5a88fe127\" \/>\n<\/div>\n\n<p>Our latest poll asks you to distinguish between the ideal world and reality when it comes to implementing life insurance product solutions for your clients.<\/p>\n<p>This question has arisen in the wake of a recent story from our Riskinfocus 24 series which reported the issues around balancing IP and TPD product combinations for clients in an ever-evolving consumer world (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2024\/04\/09\/disability-dilemma-balancing-ip-tpd-recommendations\/\" target=\"_blank\" rel=\"noopener\">Disability Dilemma<\/a>&#8230;)<\/p>\n<p>As part of the conversation around the right combination of IP and TPD cover and the interplay between them, MLC Life Insurance&#8217;s <strong>Marshall Ross<\/strong> noted the importance of trade-offs when it comes to which aspects of a client&#8217;s life should require coverage and which parts they might self-insure.<\/p>\n<p>The compromise element is driven to a large extent by the cost of cover &#8211; especially during a period in the economic cycle where the cost of living exists at a heightened level of concern within much of the Australian community.<\/p>\n<blockquote><p>&#8230;it&#8217;s not unusual for experienced advisers to share &#8230;that every client conversation they conduct &#8230;is a compromise<\/p><\/blockquote>\n<p>Outside of this recent conversation about trade-offs and compromises, it&#8217;s not unusual for experienced advisers to share with Riskinfo that every client conversation they conduct (in relation to life insurance solutions) is a compromise &#8211; because that&#8217;s how the world works.<\/p>\n<p>The argument goes that there exists a perfect solution for the client, in which 100% of their life risk exposure is covered by insurance. In reality, however, the conversation inevitably becomes one of trade-off and compromise &#8211; a sliding scale which balances affordability and risk exposure.<\/p>\n<p>Does this sound right to you? Are the eventual risk product solutions you or your business implement always or almost always a compromise driven by affordability considerations? Or does the nature of your practice&#8217;s advice proposition allow you the opportunity to deliver much closer to the &#8216;ideal&#8217; 100% coverage required for the client&#8217;s circumstances?<\/p>\n<p>As always, we&#8217;ll be interested in your views and will report back next week&#8230;<\/p>\n<figure id=\"attachment_71092\" aria-describedby=\"caption-attachment-71092\" style=\"width: 1281px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-71092\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2.png\" alt=\"\" width=\"1281\" height=\"639\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2.png 1281w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-300x150.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-1024x511.png 1024w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-768x383.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-696x347.png 696w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-1068x533.png 1068w, https:\/\/riskinfo.com.au\/news\/files\/2024\/04\/240423-Latest-Poll-v2-842x420.png 842w\" sizes=\"auto, (max-width: 1281px) 100vw, 1281px\" \/><\/a><figcaption id=\"caption-attachment-71092\" class=\"wp-caption-text\">MLC Life Insurance&#8217;s Partner Education Manager, Marshall Ross &#8230;reflecting with his Riskinfocus 24 Sydney audience on the challenges thrown out by cost and compromise in disability insurance.<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll asks you to distinguish between the ideal world and reality when it comes to implementing life insurance product solutions for your clients. This question has arisen in the wake of a recent story from our Riskinfocus 24 series which reported the issues around balancing IP and TPD product combinations for clients in [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":71094,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241,3],"tags":[],"class_list":{"0":"post-71089","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-conferences-and-events","8":"category-general"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71089","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=71089"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/71094"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=71089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=71089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=71089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}