Retail insurance claims

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Support with your retail insurance claims

Retail insurance is a personal insurance policy between the life insured and the insurer. It is typically arranged through a financial advisor.

Retail insurance policies include life, income protection, and trauma and often have fewer restrictions and broader coverage than super insurance policies.

If you’re looking to make a retail claim but are overwhelmed by the complexity of the process, or you just want to maximise the chances or size of your claim, you may want the help of an expert.

Our team of experts can help you navigate the process and get an outcome you’re happy with.

Life Insurance Claim Lawyers

When dealing with the complexities of a life insurance claim, having a dedicated life insurance claims lawyer by your side is invaluable. At Claimsplus, our specialised team of life insurance claim lawyers provides the expert guidance and support you need during challenging times. Whether you're initiating a claim, facing disputes, or simply need advice on the best way forward, our lawyers for life insurance claims are here to ensure your journey is seamless.

Why Choose Claimsplus for Your Life Insurance Claim?

  • Specialised Expertise: Our team consists of life insurance claim lawyers who have a deep understanding of the insurance industry and the intricacies involved in life insurance claims. This expertise ensures that your case is handled with the knowledge and attention it deserves.
  • Comprehensive Support: From the initial consultation to the resolution of your claim, our life insurance claims lawyer is with you every step. We strive to provide comprehensive support, making the process straightforward and stress-free.
  • Maximised Claim Potential: With a lawyer for life insurance claims from Claimsplus, you benefit from professional advice aimed at maximising your claim's potential. Our goal is to secure the best possible outcome for you, ensuring your rights and interests are protected.

Our Life Insurance Claim Services

At Claimsplus, our services cover every aspect of the life insurance claim process. Whether you're dealing with a contested claim, require assistance in understanding your policy's fine print, or need representation in negotiations with insurance companies, our life insurance claims lawyers can provide the assistance you need.

  • Policy Review and Advice: Understand the scope of your coverage and any potential issues with our policy review service. Our lawyers will explain the terms of your policy and provide clear, actionable advice.
  • Claim Preparation and Submission: Preparing and submitting a life insurance claim can be daunting. Our team ensures your claim is accurately prepared and submitted, adhering to all policy and legal requirements.
  • Dispute Resolution: If your claim is disputed or denied, our life insurance claim lawyers possess the negotiation skills and legal expertise necessary to challenge the insurer's decision effectively.

More ownership options

Retail insurance offers a variety of ownership options, including individual, joint, SMSF, and superannuation trustee. This flexibility is beneficial for tax planning and adapting to changing personal circumstances, unlike group insurance which is typically owned by the employer or superannuation trustee.

Renewable contracts

Insurance through super is typically negotiated between the employer or superannuation provider and the insurer, and the contract terms are often periodically renegotiated or re-tendered. Over time the terms of the cover may change and possibly for the worse. Retail insurance, on the other hand, generally offers ‘guaranteed renewable’ contracts that aren’t renegotiated or re-tendered over time, and can’t be cancelled whilst the premiums are within terms.

Premium flexibility

Most insurance in super only offers age-based or stepped premiums, whereas most retail insurance allows you to select between stepped premiums, level premiums, or a hybrid. Level or hybrid premiums may be particularly beneficial for younger clients who retain cover for the long term, as the cumulative premium savings can be significant over the life of a policy.

Retail life insurance policies are usually more expensive than super insurance policies. However, it’s important to understand that this higher cost results from a generally higher quality of a product.

Indexed cover

Most super through insurance schemes provide ‘age-based’, or ‘unitised’ cover, which typically decreases as you get older. In contrast, most retail insurance allows you to have your cover ‘index’ or increase each year.

Indexing ensures the ‘value’ of your cover doesn’t erode over time with the rising cost of living. It ensures your cover isn’t automatically reduced later in life when you may not want your cover to be diminished, and when you would otherwise find it more difficult to secure additional cover due to age and health history.

Income protection definitions

Most insurance through super provides a narrow definition to qualify for a benefit that only considers your ability to perform income-producing duties. In contrast, most retail policies provide a broader three-tier definition that considers duties performed, hours worked, and income lost, which increases the opportunity to qualify for a benefit.

TPD definitions

Most insurance through super offers more basic TPD definitions such as ‘any occupation’ and ‘activities of daily living (ADL)’, whereas retail insurance provides more comprehensive TPD definitions, including ‘own occupation’. The TPD definition of retail policies generally won’t change due to unemployment whereas the TPD definition of group policies will typically revert to a basic ADL definition.

Retail insurance policies typically offer larger sums insured, longer expiry ages, more income protection waiting period and benefit period options, as well as certain other valuable features such as claims indexation (so the value of income protection payments keeps pace with inflation) and life buy-back options (which allows you to ‘buy-back’ your life insurance after a survival period after suffering a TPD event).

Retail life insurance policies generally have fewer restrictions and broader coverage than super insurance policies.

If you need to make a claim on a retail policy, we can work with your financial advisor or broker.

Direct life insurance

You can buy life insurance directly from insurance providers. However, it’s important to understand that you have very little negotiating power as an individual with insurance companies. As a result, you may pay higher premiums than you would with either super or retail life insurance policies.

Direct life insurance policies may also have more exclusions built into them and may not require you to undergo a medical assessment until you make a claim. For example, any pre-existing conditions may exclude you from making a successful claim. Retail life insurance policies, on the other hand, usually require you to undergo a medical assessment as part of the application process. Once you are approved, you will have peace of mind knowing that you will be able to claim if necessary.

It’s important to do thorough research if you want to take out direct life insurance. However, this can be time-consuming and confusing to do. A large range of insurers and life insurance products is available in the Australian market. Even a tiny difference in policy terms and conditions can significantly affect the extent of cover you can get and the premiums you will pay.

Explore Our Specialist Services at Claimsplus

At Claimsplus, we offer a suite of specialist legal services tailored to assist you in navigating the complexities of insurance and superannuation claims. Our expert super insurance lawyers, including seasoned life insurance claim lawyers, are dedicated to providing comprehensive support across various claims. Whether you're seeking guidance on claiming income protection through super, pursuing a total and permanent disability superannuation claim, or need expert advice from a life insurance claims lawyer, we're here to help.

Get in Touch with Claimsplus Today

Facing a life insurance claim can be emotionally taxing and complex, but you don't have to go through it alone. With the support of a Claimsplus life insurance claims lawyer, you can navigate the process with confidence and peace of mind. Our commitment to excellence and our specialised knowledge make us the ideal partner for securing your life insurance benefits.

Contact us today to learn more about how our life insurance claim lawyers can assist you. At Claimsplus, we're dedicated to providing you with the expert guidance and support needed to achieve a successful outcome in your life insurance claim.

Top 5 Australian life insurers:

TAL Life Limited
27% Market Share
95.8% Accepted Claims Rate
AIA Australia Limited
18.9% Market Share
96.8% Accepted Claims Rate
Zurich
14.1% Market Share
98.3% Accepted Claims Rate
MLC Limited
10.9% Market Share
96.8% Accepted Claims Rate
Resolution Life Australia
8.4% Market Share
97.1% Accepted Claims Rate

Source – APRA Life Insurance Claims and disputes statistics