From 31 March 2020, Life Insurance companies no longer offer Agreed Value policies (agreed value means the level of cover can be set at the time the policy is and will hold ongoing). Following this change, only Indemnity income protection policies will be offered which effectively limits the value of a claim with most recent pre-claim earnings. This change was implemented by APRA to improve sustainability of the life insurance industry which is experiencing a significant volume of mental health claims in the wake of COVID causing many premiums to rise substantially (as much as 20-30% year on year). As a result, we need to make sure you only have the cover you need.
MISSO Wealth Management is independently owned and has grown organically since we started in 2001 from existing client and their advisers’ referrals for which we are very grateful. If you want to make sure you’re on the right path we invite your call on 3003 4800 or email us at email@example.com to organise a no obligation initial chat.