Future of TPD Poll


Which of these statements most closely reflects the position of your advice business:

  • We will continue to write about the same levels of TPD cover in future (64%)
  • We will be writing less TPD insurance in future (17%)
  • We will write higher volumes of TPD insurance in future (11%)
  • We’re not sure about how much TPD cover our business will write in future (8%)

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Our latest poll seeks your thoughts on the future of Total and Permanent Disability insurance in New Zealand.

In noting the FSC is conducting an upcoming webinar on the future of TPD insurance (see: The Future of TPD in New Zealand), now seems to be an opportune time for advisers and advice businesses to have their say.

The sustainability of TPD products across the ditch has been under pressure for many years, as affordability becomes an even greater challenge for consumers and for their advisers to manage (see: Australian TPD Product Needs Industry’s Urgent Attention).

Sustainability and affordability issues are also impacting the local market, where mental health TPD claims are on the rise at a time when cost of living pressures continue to have an impact on Kiwis’ household budgets, and their ability to fund their insurances.

What are your clients telling you when it comes to being able to afford the appropriate levels of TPD cover? Is it becoming harder to place the full amount of cover needed by your clients, based on their circumstances? Is it becoming easier? Are you finding you’re writing more income protection insurance because this is becoming a better-fit option for more of your clients?

While we’ll be reporting the key takeaways from next month’s webinar, we’re keen to learn your own thoughts on the future of the TPD product and the extent to which it will play a role in your future advice solutions.

Tell us what you think and we’ll report back next week…