The recent ASIC report into direct life insurance shows a whopping 58 per cent of claims under a direct life insurance policies were accepted by the issuers of direct life insurance. It certainly highlights the need for advice!
You dont need to look far to spot the difference.
A recent report showed that claims from the Non Advised (Direct) life insurance policies were 71% more likely to be denied. On the flip side “Advised retail life insurance was typically thoroughly underwritten at application time and was actively managed by an Adviser at claim time” leading to it making up 70% of all claims.