Rice Warner warns of massive TPD underinsuranceBY JAMES FERNYHOUGH | TUESDAY, 3 DEC 2013 11:35AMUnderinsurance in life, income protection and total and permanent disability (TPD) cover is costing the government more than $1.5 billion a year, according to a new report by Rice Warner. Related News |
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Might be time to review the insurance companies so that they do not limit the amount of TPD to be the same or lower than life cover within Super funds.
A typically self-interested report, yet again trying to scare people into buying more insurance. It is not "underinsurance" if the person decides (a) to take accept the risk of not being insured (with the financial upside of no premiums if, in the more than likely outcome, there are no claimable events) and (b) a persons decides to self-insure rather than buy a policy from an insurer.