New data released by the Australian Prudential Regulation Authority (APRA) has confirmed the value of group insurance within superannuation in terms of claims admittance rates.
The latest ‘APRA Life Insurance Claims and Disputes’ statistics, covering the 12 months to June 2020, reveals comparative high levels of admittance for group insurance within superannuation across death, total and permanent disability (TPD) and disability insurance income.
The data reveals that where death claims are concerned, group delivered a 98% admission rate together with a 91% rate with respect to TPD.
Where disability income insurance is concerned, it pointed to a 96% admittance rate.
This compared to 96% with respect to individual advised insurance for death insurance, 81% for TPD and 94% for DII.