POWERED BY MOMENTUM MEDIA
Insurers perpetuating “stigma-laden policies”: APS
Following a Royal Commission in which the insurance industry’s approach to mental health came under fire, the Australian Psychological Society (APS) has called on insurers to “urgently” address discrimination against those with past mental health issues.
APS chief executive, Frances Mirabelli, said that it was “disturbing” that people seeking insurance were often denied cover or had claims refused because of past help for mental health, or were hit with significant increases to the cost of policies on that basis.
While community understanding of mental health had improved, Mirabelli slammed the industry for maintaining these “stigma-laden policies”.
“Taking proactive action to get help when you are struggling actually works to prevent more serious problems in the future. This must be encouraged,” she said.
Mirabelli pointed out that evidence-based psychological help could often protect people from future mental illness, boosting resilience and providing management strategies, and also that setting up a Mental Health Plan did not mean the plan was necessarily used or that a particular mental illness was diagnosed.
The APS urged the industry to consider that experiencing isolated episodes of mental illness did not mean a consumer was high risk from an insurance perspective.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
