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  <div class="pollHeader" style="margin-bottom:10px"><strong>It’s 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
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TPD INSTALMENT PAYMENTS – YOUR VERDICT   

January 16, 2024
1

It’s 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.
Agree

Disagree

Not sure

View Results

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 instalment benefits payments for future TPD
claims were worth considering where it’s difficult or impossible to objectively
assess how permanent the claimant’s condition is.

However, 35% disagreed that instalment payments were a viable option, while 5%
were not sure.

> …the focus of our poll is on the growing proportion of TPD claims for which
> objective assessment is problematic at best…

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’s
TPD Round Table) is on the growing proportion of TPD claims for which objective
assessment is problematic at best.

We proposed that if the condition or event or episode on which a TPD claim is
based can only be assessed subjectively – such as some chronic fatigue or mental
health-related conditions – 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?

However one adviser commenting on our poll raised the question as to how
on-going payments would work with TPD.

“Isn’t 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.”

He adds that both TPD and IP need a full revamp.

Our poll remains open for another week and we welcome your thoughts…

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1 COMMENT

 1. Damian Eales January 16, 2024 At 5:12 pm
    
    Sunsuper/ART have TPD Assist which pays out over 5 years. The reason I was
    given was that a large % of TPD claimants were back working after 5 years. I
    can see this as a way of reducing big claims, but still paying out when
    needed. I would take some Insurers to have the guts to go first or APRA
    stepping in just like they did with Income Protection
    
    
    



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