Asteron moves to address policy lapses
Insurer, Asteron Life has launched what it is describing as an Adviser Support Package, which it says contains tools to help financial advisers better engage with their clients on the critical issue of policy lapses.
Announcing the new package this week, Asteron Life executive manager Mark Vilo said it had been developed in line with feedback from the company's national adviser roadshow.
That feedback, combined with customer research undertaken by Asteron, found that 40 is the average age of entry for trauma insurance, 44 is the average age people lapse on that insurance, and 49 is the average age of claim for trauma.
Using an interactive website, the insurer believes it is providing advisers with the information necessary to educate their clients to "live smarter" in their 40s by having some level of insurance cover that's adequate for their life-stage.
"Australians in their 40s make more life insurance claims than any other age group and Asteron Life is arming advisers with a support package to help retain clients at risk of lapsing at one of their most vulnerable stages of life," Vilo said.
"The most alarming finding was that the average lapse on a life insurance policy happens at age 44, and the average claim is made around the age of 49, showing that Australians are letting go of their insurance just a few years before they might need it. This exposes them to a major financial gap in the event of a serious illness, accident or their own death," he said.
AUTHOR
Staff Writer
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
