TPD insurance premiums soar as fewer people have cover
Surging mental health claims are partly to blame for a 54 per cent jump in premiums for total and permanent disability insurance over the past five years, with the average policy now costing nearly $2000 a year.
The increased cost of premiums is so significant that financial regulators have written to life insurers to express concern about “frequent, large and unexpected premiums increases” and their potential effect on the industry’s sustainability.
writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at [email protected]
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