April 17, 2023 Emily Ryan

Value for money… from an insurance company?

In an age where the cost of living is rising and households are examining every expense, it’s easy to question insurance premiums.   While most people understand the requirement to protect valuable assets such as our home and car, we don’t often consider ourselves as an “asset” that requires protection.  Realising that YOU are the most important asset to protect shifts the thinking of insurance premiums being a “want spend” to a “need spend”, albeit a spend you hope you never need to claim on.

The next logical step is to look for ways to get value for money; to ultilise services or options that are built into your policy.  The personal insurance industry has evolved from it’s beginnings as a provider of life insurance only.  These days many personal insurance companies are focusing on health, wellness and recovery – all things which can help you avoid long term ill health.  This often means there are resources available to you at no additional cost that can help you live your best life.  For example, many MLC Insurance policy holders will automatically have access to Vivo benefits.  This is a network of services available to not only the policy holder, but the spouse, children and parents of the policy holder.  The service might connect you to a dietician or exercise physiologist to help you maintain your wellness and overall health.  It may be that you would like a second opinion for a recent medical diagnosis and your policy can connect you to a network of more than 50,000 leading specialists from Australia and around the world.  It may be that you need mental health support but don’t know where to start and your policy can connect you to a mental health support service able to ease your concerns or lay out the steps for you to access a suitable treatment plan.   There are a wide range of services available, all at no additional cost.  And it’s not just MLC, other personal insurance companies provide additional service offerings designed at wellness, such as AIA Vitality or TAL Health Sense programs.

No matter which company, personal insurance claim statistics will tell you the same story.  The leading causes of claims are cancer, musculoskeletal issues, accidents, mental health and cardiovascular conditions.  The millions of Australians who made these claims didn’t invite the illness or event that lead to their claim, and while there are some instances where lifestyle may impact a diagnosis, it’s just a risk of life that sometimes ill health can happen.  If you’re one of the smart ones who holds a personal insurance policy that protects YOU and YOUR FAMILY financially, make sure you take advantage of everything on offer to you that helps you stay healthy and active longer. It’s how you will achieve value for money.

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