Priority Protection
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{{label}}24 October 2019
According to beyond blue, one in seven Australians will experience depression and one quarter will experience an anxiety condition in their lifetime[1].
Statistics as the above are why we are pleased to advise that we have been working closely with our treaty reinsurer on our mental health underwriting guidelines and philosophy and have recently made some changes to our approach.
Our aim with the new approach is to improve the insurability of mild cases of depressive and anxiety disorders and actuarially justifying the offering of disability cover with a loading or at standard rates without a mental health exclusion in such cases.
The new philosophy is based on a holistic assessment model which incorporates both the biological and psychosocial risks within the combined evaluation of risk of relapse of severe symptoms.
The model has been tested using data from real life examples, with the results showing that in approximately 15% of scenarios that were run through the model, ended up with a loading or at standard rates as opposed to a mental health exclusion clause.
We have recently updated our “Applicant’s Mental Health Questionnaire” to align with the new assessment model and enable us to collect all the relative information to make a fully informed assessment and ensure the best possible outcome for our clients.
We are confident that this new approach, which is a first in the Australian market, will allow us to offer a more comprehensive level of cover to clients presenting with mild cases of depressive and anxiety disorders.
You can download a copy of the updated “Applicant’s Mental Health Questionnaire” at https://aia.com.au/advisersite, on the left hand side under Procedures & Forms, Underwriting, or contact your State Office or CDM.