The AFA has highlighted the importance of advisers when it comes to life insurance, saying Australians can use advisers to identify any gaps that may exist in their super fund coverage.
In a statement, AFA chief executive Brad Fox said one of the key roles of advisers is helping clients achieve better outcomes when dealing with insurance companies.
"Advisers know the life insurance needs of Australians better than anyone else, including the need for a more supported claims experience and a better end result," he said.
"Gaps in life insurance coverage are common, as Australians move through life stages and either do not get the cover they need to meet their change in personal circumstances or do not understand what the cover they have will actually entitle them to in the event of illness or accident."
Mr Fox added that while many Australians have some insurance over through their superannuation funds, it is important for them to understand what this cover is. Speaking to an adviser can help identify any concerns as well as lead to other policies being put in place.
He said that advisers are also "real advocates" for Australians in the claims experience.
"There is no one else in the claims experience that offers the service that advisers do," Mr Fox said.
"If you are in the unfortunate position of having to make a claim, you want an expert on your side, helping you navigate through financial and emotional stress.
"Advisers help clients to become properly insured and clients will also find that if they do have to file a claim, they are more likely to have the right policy, with the right advocate, working for them. And this is a great outcome deserved by all Australians."
APRA-regulated super funds could create better member outcomes by taking the sam...
Australian high-net-worth investors lost more money than their global counterpar...
The negative impact of COVID-related market volatility on clients’ super inves...