Life insurers see a spike in claims for mental illness claims

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Life Insurance Online 

Financialstandard.com.au is reporting Australian Life Insurer AIA has seen a spike in total and permanent disability TPD claims with clients suffering from mental illness, the insurer claims it is putting pressure on the life insurance industry.

AIA Australia’s General Manager Life Insurance, Damien Mu said: “If an employee is off work for 20 days, they have a 70% chance of ever returning to work. If they are off for 45 days, this goes down to 50%, and after 70 days their chance of ever returning to work is only 35%.

“Having a workplace support network in place is extremely important for the recovery process, and enhances the chances that an employee will return to work full time.”

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