The latest news in Personal Insurance - what you should know in 2023

On that note, we want to stress the importance of getting regular health checks. Lots of our clients with claims such as cancer, were found during routine health checks, others were not so lucky. We also want to ensure clients get health checks before cancelling or reducing their insurance cover.

We realise people are sometimes hesitant about claiming, we have no sense of allegiance towards any particular insurer, we work for our clients. The average rate of success for claims is above 80% for TPD & Trauma, and above 90% for Death and IP. Some insurances are easier to claim on though, for example, default cover within an industry super fund is often more difficult and time consuming, whilst retail insures are simpler.

We want clients to remember that the insurer isn’t there to fight you, if your injury or condition aligns with those set out in the product PDS, they will pay you, and we are here to help that process.

We recently had a mother of two diagnosed with breast cancer, found in a routine check-up. She luckily was able to remove this before it spread, we were still able to claim on the Trauma insurance the client had that was originally recommended by us. She was awarded over $100k and we helped her invest this. As there are often financial planning benefits associated with Trauma insurance, we were able to do this free of charge to the client as their insurer reimbursed the costs of advice. 

We’ve had various tradesmen clients able to claim on their income protection policy when injured, so they can still receive income whilst unable to work. If the condition or injury is more severe, they have been able to claim on TPD.

Insurance covers off on and helps with:

• Supporting recovery
• Supporting family
• Time off work
• Debt repayment
• School expenses

We are here for our clients throughout the whole process. Insurance is important, whilst many people think it won’t happen to them, you can’t predict these things sadly. We want our clients to be adequately covered to protect them if the worst were to happen, get health checks regularly to ensure they are of good health, and to know that we are here for them throughout the whole process and beyond. We can not only help you complete the insurance claim, but we can also offer financial advice regarding the claim payout if successful.

For more information regarding personal insurance cover, visit our website: https://www.mulcahy.com.au/personal-and-business-insurance