array(6) { [0]=> object(stdClass)#3613 (56) { ["id"]=> string(5) "14710" ["title"]=> string(63) "Paying more for the privilege of less health insurance benefits" ["alias"]=> string(63) "paying-more-for-the-privilege-of-less-health-insurance-benefits" ["introtext"]=> string(411) "

The consumer watchdog has raised an alarm on the fact that nearly 60 per cent of private health insurance policies now have exclusions embedded into them that consumers may not be aware of.

Write comment (0 Comments) " ["fulltext"]=> string(1763) "

In its annual report into the private health insurance industry, the Australian Competition and Consumer Commission (ACCC) has outlined that more than 57 per cent of hospital treatment policies held by Australians had notable exclusions attached.

Just 12 months ago, only 44 per cent of hospital treatment policies held by Australians contained such exclusions.

According to the ACCC, the exclusion of some benefits for certain treatments in a policy can provide lower costs of premiums to consumers.

But it does come with potential pitfalls.

ACCC deputy chair Delia Rickard highlighted how “many people may not be aware their policies may have exclusions and don’t realise they would not be covered at all for treatment as a private patient for those conditions”.

She said the consumer watchdog had been working with private health insurers on how they could better communicate such detrimental policy changes to consumers.

“Insurers need to make sure these changes are communicated clearly, prominently and in a timely manner to avoid misleading consumers.”

But, despite the higher proportion of exclusions being reported, the watchdog has found Australians are still paying more for private health insurance.

While the rate of increase in average annual premiums has slowed over the past five years, average premiums have still increased by more than inflation and wage growth over the year, it was highlighted.

Despite consumers continuing to drop out of private health insurance, Australians paid over $24.5 billion in private health insurance premiums in 2018–19.

It’s an increase of over $661 billion, or 2.8 per cent, from the 2017–18 financial year.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2020-03-04 01:27:47" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-03-04 04:17:32" ["modified_by"]=> string(4) "2334" ["modified_by_name"]=> string(18) "Jerome Delossantos" ["publish_up"]=> string(19) "2020-03-04 01:27:34" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(249) "{"image_intro":"images\/article-826x550\/doctor-consultation-ne.jpg","float_intro":"","image_intro_alt":"health insurance benefits","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(771) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"1","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(65) "private health, insurance, medicare, consumer, policy, exclusions" ["metadesc"]=> string(189) "The consumer watchdog has raised an alarm on the fact that nearly 60 per cent of private health insurance policies now have exclusions embedded into them that consumers may not be aware of." ["access"]=> string(1) "1" ["hits"]=> string(4) "1073" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1763" ["ordering"]=> string(1) "8" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3636 (3) { ["data":protected]=> object(stdClass)#3639 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-03-04 01:27:34" ["slug"]=> string(69) "14710:paying-more-for-the-privilege-of-less-health-insurance-benefits" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3760 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(411) "

The consumer watchdog has raised an alarm on the fact that nearly 60 per cent of private health insurance policies now have exclusions embedded into them that consumers may not be aware of.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3774 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(87) "/invest-money/insurance/paying-more-for-the-privilege-of-less-health-insurance-benefits" ["image"]=> string(49) "images/article-826x550/doctor-consultation-ne.jpg" ["image_alt"]=> string(25) "health insurance benefits" } [1]=> object(stdClass)#3612 (56) { ["id"]=> string(5) "14594" ["title"]=> string(42) "The tax status of insured property payouts" ["alias"]=> string(42) "the-tax-status-of-insured-property-payouts" ["introtext"]=> string(554) "

The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis.

Write comment (0 Comments) " ["fulltext"]=> string(1946) "

In a new update, the ATO has advised that any insurance payout received for a family home or main residence is not taxable, and therefore don’t have to be included as income in your tax return.

Similarly, insurance payouts for personal assets are not taxed.

This includes payouts for damaged or destroyed household items, furniture, electrical goods, boats and private cars.

In saying this, the ATO outlined that there are “special rules” for personal asserts that costs you more than $10,000 or for collectables that cost more than $500 such as paintings, jewellery, antiques or coins.

These rules are reported to only apply if the insurance payout exceeds the asset’s original cost.

The taxable status is slightly different for properties where it was being used to produce income.

The ATO cited the use of part of a home for a home business or the renting out of a room as examples where this is the case.

In these circumstances, the insurance payout amount will be relevant when you work out if you have a capital gain or capital loss to include in your tax return, it was flagged.

A work car, or a vehicle in use for income-producing purposes, also has its own set of tax rules to be abided by in the event of an insurance claim.

If you used the car for income-producing purposes, the ATO said you will need to compare the insurance payout amount with the book value of the car at the time it was destroyed, using a balancing adjustment.

The Tax Office advised that if you claimed your car expenses using the logbook method, your balancing adjustment amount needs to be reduced by the percentage that you used the car for personal use.

Alternatively, if you only used the cents per kilometre method since you began using the car, no balancing adjustment arises, as this method takes the decline in value into account in the calculation.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2020-02-17 01:26:52" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-03-02 07:38:59" ["modified_by"]=> string(4) "2395" ["modified_by_name"]=> string(10) "Jayne Cruz" ["publish_up"]=> string(19) "2020-02-17 01:26:36" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(274) "{"image_intro":"images\/article-826x550\/house-property-construction-ne.jpg","float_intro":"","image_intro_alt":"The tax status of insured property payouts","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(771) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"2","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(41) "property, car, vehicle, assets, insurance" ["metadesc"]=> string(224) "The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis." ["access"]=> string(1) "1" ["hits"]=> string(4) "1571" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1946" ["ordering"]=> string(1) "9" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3638 (3) { ["data":protected]=> object(stdClass)#3641 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-17 01:26:36" ["slug"]=> string(48) "14594:the-tax-status-of-insured-property-payouts" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3763 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(554) "

The Australian Taxation Office has reiterated its stance on the taxable status of insurance payouts for family homes, rental properties, home businesses and personal property in the aftermath of the national bushfire crisis.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3777 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(66) "/invest-money/insurance/the-tax-status-of-insured-property-payouts" ["image"]=> string(57) "images/article-826x550/house-property-construction-ne.jpg" ["image_alt"]=> string(42) "The tax status of insured property payouts" } [2]=> object(stdClass)#3618 (56) { ["id"]=> string(5) "14583" ["title"]=> string(36) "The perks and price of going private" ["alias"]=> string(32) "perks-and-price-of-going-private" ["introtext"]=> string(582) "

The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions.

Write comment (0 Comments) " ["fulltext"]=> string(2728) "

Research from insurance comparison service comparethemarket has indicated that 43 per cent of privately insured Australians will compare their options this year, potentially switching to a different policy when premiums are hiked, despite this year’s rate rise being the smallest in 19 years.

It also showed that a number of Australians aren’t getting the full value out of the health insurance.

Four in 10 (43 per cent) of respondents made just one or two claims to their health insurer in 2019, while 39 per cent made five to 10 claims.

Only 11 per cent made between 10 and 15 claims.

When asked what they found most valuable from their health insurance, almost one-third (29 per cent) nominated extras such as chiro, physio, remedial massage and podiatry.

A further 26 per cent nominated unexpected health issues such as in-hospital treatment for an accident or injury and cancer treatment as being the most valuable.

In terms of what was actually used, two-thirds (64 per cent) of privately insured individuals said they, or their families, had used dental services such as major dental, orthodontic and endodontic.

Just over half (56 per cent) also used their “extras” coverage to claim on optical services, which also took the crown as the highest-claimed health service among older age cohorts.

Commenting on the findings, comparethemarket’s health expert Anthony Fleming said “it’s crucial consumers don’t get complacent and remain health- and money-wise in 2020”.

“Health cover can be very valuable when treatment is not covered by Medicare outside of the hospital or patients opt to be treated in a private hospital.”

He outlined how “many of these medical treatment bills would otherwise be very expensive without private health cover, and this is when it becomes most valuable to consumers”.

Highlighting how this year’s increase in health insurance premiums is prompting “a significant proportion of policyholders to seriously consider the importance of their health cover”, Mr Fleming said it’s interesting to see the number of consumers who will shop around in 2020.

“We recommend that those who are considering taking out private health insurance or switching to a new policy do so before 1 April when the rate rise takes effect, to enable them to prepay their years’ worth of premiums in advance and lock in their health policy cost for the next year,” the health expert advised.

Mr Fleming also recommended that Australians regularly review their cover “to make sure it’s still relevant to their needs and circumstances, as well as their back pocket”.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2020-02-14 01:27:38" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-03-02 07:36:53" ["modified_by"]=> string(4) "2395" ["modified_by_name"]=> string(10) "Jayne Cruz" ["publish_up"]=> string(19) "2020-02-14 01:27:34" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(258) "{"image_intro":"images\/article-826x550\/leg-cast-crutches-ne.jpg","float_intro":"","image_intro_alt":"The perks and price of going private","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(771) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"1","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(78) "insurance, private, health, medicare, cost, extras, value, price hike, expense" ["metadesc"]=> string(262) "The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions." ["access"]=> string(1) "1" ["hits"]=> string(3) "953" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "2728" ["ordering"]=> string(2) "11" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3640 (3) { ["data":protected]=> object(stdClass)#3643 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-14 01:27:34" ["slug"]=> string(38) "14583:perks-and-price-of-going-private" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3766 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(582) "

The increased cost of health premiums coming into effect from 1 April has already prompted four in 10 privately insured Australians to reassess the value they are getting from their cover as new research revealed Australians’ use of their insurance inclusions.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3780 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(56) "/invest-money/insurance/perks-and-price-of-going-private" ["image"]=> string(47) "images/article-826x550/leg-cast-crutches-ne.jpg" ["image_alt"]=> string(36) "The perks and price of going private" } [3]=> object(stdClass)#3619 (56) { ["id"]=> string(5) "14572" ["title"]=> string(62) "Expanding insurance ‘red zones’ would wreak regional havoc" ["alias"]=> string(56) "expanding-insurance-red-zones-would-wreak-regional-havoc" ["introtext"]=> string(454) "

In the aftermath of Australia’s worst bushfire season to date, a real estate CEO has warned that insurance “red zones” may spread, with the effect of creating additional expenses for home owners in a number of areas across Australia.

Write comment (0 Comments) " ["fulltext"]=> string(2664) "

Starr Partners CEO Douglas Driscoll has said that the reassessment of bushfire-prone areas by insurers could see the spread of so-called red zones – areas where it is difficult to secure full home and contents insurance, or may require a very high premium.

His comments come off the back of the Insurance Council of Australia’s release of figures last month indicating claims exceeding $700 million due to the bushfires, with Mr Driscoll predicting more recent devastation will see claims “easily” topping $1 billion.

“We only have to look at the insurance cost of the Townsville flood devastation, which peaked at $1.24 billion, to know that both insurers and banks are jittery about insuring or lending on a property that is at risk of flood or fire.”

In addition, he highlighted how getting home loan pre-approval from a bank or financial institution is a crucial part of the property-buying process, but “if buyers are struggling to get home insurance, then banks will inevitably tighten their lending”.

The CEO reminded potential buyers and home owners that “until we pay down the loan in full, the bank ultimately owns [the property]”.

“So, [the banks] are right to be nervous.”

Any spread of insurance red zones – due to the potential rezoning of risk areas around natural disaster probabilities – would have “huge implications for the insurance, banking and property sectors”, Mr Driscoll continued.

It’s why he has called for a “robust prevention plan” to be implemented by all three tiers of government.

“Primarily, the government needs to ensure that the future safety and wellbeing of residents in rural and regional areas is protected – as well as their economic interests,” he said.

While it’s good to see they are already encouraging local tourism, the CEO argued that they need to adopt further measures to keep money from leaving these areas.

“For instance, the government needs to put pressure on insurers to regulate against sharp premium increases in home insurance policies. They also need to devise a plan that will give the banks confidence to continue making loans readily available for people in fire or flood-ravaged areas,” he outlined.

“Ultimately, this will give reassurance to those households that have been affected, and future buyers.”

If proper planning and policy consideration doesn’t take place, the CEO cautioned that Australia could find itself in a “disastrous” situation where there’s mass migration of people away from rural areas to metropolitan centres.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2020-02-13 01:23:24" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-02-13 02:13:53" ["modified_by"]=> string(4) "2387" ["modified_by_name"]=> string(14) "Jemelle Blanco" ["publish_up"]=> string(19) "2020-02-13 01:23:18" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(234) "{"image_intro":"images\/article-826x550\/burned-down-house-ne.jpg","float_intro":"","image_intro_alt":"Burned house","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(886) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"1","canonical_link":"https:\/\/www.smartpropertyinvestment.com.au\/buying\/20660-enlarged-insurance-red-zones-would-wreak-investor-havoc"}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(70) "insurance, red zone, cost, bank, home, property, invest, buy, mortgage" ["metadesc"]=> string(239) "In the aftermath of Australia’s worst bushfire season to date, a real estate CEO has warned that insurance “red zones” may spread, with the effect of creating additional expenses for home owners in a number of areas across Australia." ["access"]=> string(1) "1" ["hits"]=> string(3) "811" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "2664" ["ordering"]=> string(2) "12" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3642 (3) { ["data":protected]=> object(stdClass)#3645 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-13 01:23:18" ["slug"]=> string(62) "14572:expanding-insurance-red-zones-would-wreak-regional-havoc" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3769 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(454) "

In the aftermath of Australia’s worst bushfire season to date, a real estate CEO has warned that insurance “red zones” may spread, with the effect of creating additional expenses for home owners in a number of areas across Australia.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3783 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(80) "/invest-money/insurance/expanding-insurance-red-zones-would-wreak-regional-havoc" ["image"]=> string(47) "images/article-826x550/burned-down-house-ne.jpg" ["image_alt"]=> string(12) "Burned house" } [4]=> object(stdClass)#3620 (56) { ["id"]=> string(5) "14560" ["title"]=> string(64) "$5bn insurance industry gives Aussies ‘no incentive’ to work" ["alias"]=> string(57) "5bn-insurance-industry-gives-aussies-no-incentive-to-work" ["introtext"]=> string(433) "

Australia’s $5 billion disability insurance sector has been flagged as creating a “disincentive to returning to work” and is just one of the reasons the current model is unsustainable, according to a new report.

Write comment (0 Comments) " ["fulltext"]=> string(3325) "

A new KPMG report commissioned by the Actuaries Institute has found that “individual disability income insurance does not adequately support a policyholder’s move back into work in Australia’s modern economy”, and is calling for complete and long-term reform of the $5 billion sector.

It highlighted that life companies have collectively lost around $3.4 billion over the last five years through the sale of disability income insurance to individuals.

The Australian Prudential Regulation Authority’s executive board member, Geoff Summerhayes, has iterated this point, noting life companies as keeping premiums at unsustainably low levels with policy features that are “too generous”.

He indicated that, in some cases, there’s a “financial disincentive for policyholders to return to work”.

The report found the Australian retail market as offering more comprehensive disability income insurance cover to a broader range of occupations and target markets than in the United States, the United Kingdom and South Africa.

Australian products also offer more features, higher issue limits, longer benefit periods and shorter waiting times, but were observed to not contain the same rehabilitation support as is found in other markets, such as counselling or physiotherapy services that allowed individuals to return to work.

“In Australia, there are limits on what early rehabilitation services can be offered to policyholders, particularly when the policy is written through a member’s superannuation fund,” the report said.

According to estimates, only 20 per cent of claimants in Australia access rehabilitation programs.

Weighing in on the research, KPMG’s actuarial and financial risk partner, Daniel Longden, said they had found “Australian workers tend to have higher payouts than their counterparts in comparable jurisdictions”.

He noted how “a replacement rate of 75 per cent of earnings is quite common in Australia, with up to 80 per cent replacement ratios available”.

By contrast, replacement rates in the US are generally just 50 to 65 per cent of income, and in the UK they are usually 60 to 65 per cent of income, Mr Longden outlined.

“In some circumstances, where an Australian policyholder has an income replacement ratio of 75 per cent, the policy may typically permit more than 102 per cent of pre-disability take-home pay,” the partner said.

“A high replacement ratio can be a disincentive to returning to work.”

It’s meant that over time, Mr Longden said, he has seen significant increases in premiums for customers, unsustainably high levels of claim costs and large losses for most insurers.

Actuaries Institute disability insurance taskforce convenor Ian Laughlin has also weighed in, forecasting a worst-case scenario which eventually leads to the withdrawal of disability income insurance products, “to the detriment of all customers and the community”.

“It is clear there is a need for all of the stakeholders in the industry – including insurers, reinsurers, rating houses, government, regulatory bodies and professional bodies – to tackle this problem, in a way that supports customers’ needs,” he concluded.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2020-02-11 01:27:48" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-02-11 04:10:36" ["modified_by"]=> string(4) "2334" ["modified_by_name"]=> string(18) "Jerome Delossantos" ["publish_up"]=> string(19) "2020-02-11 01:27:42" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(241) "{"image_intro":"images\/article-826x550\/disabled-person-wheelchair-ne.jpg","float_intro":"","image_intro_alt":"Disability","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(771) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"2","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(88) "disability, insurance, reform, sector, insurance, industry, return to work, disincentive" ["metadesc"]=> string(217) "Australia’s $5 billion disability insurance sector has been flagged as creating a “disincentive to returning to work” and is just one of the reasons the current model is unsustainable, according to a new report." ["access"]=> string(1) "1" ["hits"]=> string(4) "1317" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "3325" ["ordering"]=> string(2) "13" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3644 (3) { ["data":protected]=> object(stdClass)#3647 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-02-11 01:27:42" ["slug"]=> string(63) "14560:5bn-insurance-industry-gives-aussies-no-incentive-to-work" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3772 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(433) "

Australia’s $5 billion disability insurance sector has been flagged as creating a “disincentive to returning to work” and is just one of the reasons the current model is unsustainable, according to a new report.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3786 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(81) "/invest-money/insurance/5bn-insurance-industry-gives-aussies-no-incentive-to-work" ["image"]=> string(56) "images/article-826x550/disabled-person-wheelchair-ne.jpg" ["image_alt"]=> string(10) "Disability" } [5]=> object(stdClass)#3621 (56) { ["id"]=> string(5) "14266" ["title"]=> string(39) "Is AMP slowing down insurance payments?" ["alias"]=> string(38) "is-amp-slowing-down-insurance-payments" ["introtext"]=> string(393) "

The average life insurance providers are paying out most death claims within two weeks, while AMP is taking almost six months, according to industry experts.

Write comment (0 Comments) " ["fulltext"]=> string(2576) "

In an open letter from Super Consumers Australia, the group claims process delays are occurring for both AMP superannuation trustees and the insurance providers.

“It’s not good enough that families who are dealing with the tragedy of losing a loved one and paying funeral costs are being left at the mercy of this tardy insurer,” Xavier O’Halloran, director of Super Consumers Australia, said.

The findings showed that while 76.3 per cent of the total finalised claims took between zero and two weeks to pay out, AMP paid out just 21.1 per cent of claims during the same time period.

Compared with the industry average of just over a month (1.2 months), AMP took an average of 5.7 months to finalise death claims, which was fewer than some of its competitors. 

The findings come as APRA launches a consultation to enact the Hayne royal commission recommendation to reduce conflicts of interest in insurance in superannuation, by requiring funds who are using a related party insurer provide “independent certification” they are acting in the best interests of members.

“APRA’s intervention here is timely, given AMP’s abhorrent insurance claims handling delays, we have serious doubts whether they are acting in the best interests of their members.” 

“We welcome AMP’s explanation for these delays as there is currently very little scrutiny on whether super funds are providing appropriate insurance services to their members,” says Mr O’Halloran.

nestegg has previously covered the shonky awards, where AMP’s long delays were highlighted.

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "311" ["created"]=> string(19) "2019-12-10 01:29:33" ["created_by"]=> string(4) "2384" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-02-11 05:48:18" ["modified_by"]=> string(4) "2395" ["modified_by_name"]=> string(10) "Jayne Cruz" ["publish_up"]=> string(19) "2019-12-10 01:29:28" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(213) "{"image_intro":"images\/article-826x550\/AMP-ne-2.jpg","float_intro":"","image_intro_alt":"AMP","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(771) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","sent":"0","readingDiff":"1","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(33) "amp, slowing, insurance, payments" ["metadesc"]=> string(157) "The average life insurance providers are paying out most death claims within two weeks, while AMP is taking almost six months, according to industry experts." ["access"]=> string(1) "1" ["hits"]=> string(4) "2197" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "2576" ["ordering"]=> string(2) "15" ["category_title"]=> string(9) "Insurance" ["category_route"]=> string(22) "invest-money/insurance" ["category_access"]=> string(1) "1" ["category_alias"]=> string(9) "insurance" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "64" ["author"]=> string(16) "Cameron Micallef" ["author_email"]=> string(37) "[email protected]" ["parent_title"]=> string(6) "Invest" ["parent_id"]=> string(3) "284" ["parent_route"]=> string(12) "invest-money" ["parent_alias"]=> string(12) "invest-money" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#3646 (3) { ["data":protected]=> object(stdClass)#3649 (94) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2019-12-10 01:29:28" ["slug"]=> string(44) "14266:is-amp-slowing-down-insurance-payments" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(13) "311:insurance" ["event"]=> object(stdClass)#3775 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(393) "

The average life insurance providers are paying out most death claims within two weeks, while AMP is taking almost six months, according to industry experts.

Write comment (0 Comments) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#3789 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> string(4) "2355" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#3715 (3) { ["data":protected]=> object(stdClass)#3605 (1) { ["options"]=> object(stdClass)#3719 (2) { ["options0"]=> object(stdClass)#3720 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#3716 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#3717 (3) { ["data":protected]=> object(stdClass)#3723 (6) { ["hint"]=> string(0) "" ["render_class"]=> string(7) "autotag" ["class"]=> string(9) "btn-group" ["showlabel"]=> string(1) "0" ["show_on"]=> string(1) "2" ["display"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(51) "Automatic tagging of article base on title keywords" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(17) "Celeste Fernandez" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(62) "/invest-money/insurance/is-amp-slowing-down-insurance-payments" ["image"]=> string(35) "images/article-826x550/AMP-ne-2.jpg" ["image_alt"]=> string(3) "AMP" } }