The Aspect Underwriting Difference; Assessing For Mental Health In A Time Of Need

In turbulent times we are reminded that life can throw its fair share of curveballs our way and without precautions in place, picking up the pieces can be highly stressful.

Mental health disorders are on the rise with The Financial Services Council (FSC) reporting insurers paid out $1.47 billion for mental health claims in 2020. For successful claim recipients, life can continue with a stronger sense of security. However, the truth is, the pandemic is not a lone health concern and as other prevalent factors could impact your livelihood, is it necessary to wait for a proper health scare to get covered?



Senior Policy Manager of the FSC, Nick Kirwan, recently told the ABC in order to achieve a healthy and sustainable life insurance sector, brokers will need to fulfill the “three A’s for consumers: availability of products; affordability of cover; and assurance that every valid claim will be paid,”.

The Australians that have chosen Aspect Underwriting for TPD, Income Protection, and Trauma insurance enjoy a safety net of broad coverage, personalised dealings, and a higher value market option that covers up to 85% of their income as opposed to the industry standards of 75%.

Furthermore, their end-to-end online income protection insurance quote and purchasing system can cover you in as little as 10 minutes in-turn providing quick access to a tailored policy. There are automatic benefits included in the policy, as well as those that help cast a wider net for the unexpected.


Rehabilitation Assistance

In the event of a valid claim, Aspect Underwriting may elect to assist the insured person in arranging for advice from a licensed vocational school, provided such training or advice is undertaken with the agreement of the insured person’s attending registered and legally qualified medical practitioner.  Assistance may also include family counseling to help the insured person, and his or her family, cope with the insured person’s disability and to enable the insured person to live an independent life.


Return To Work Assistance

In the event of a valid claim, Aspect Underwriting may elect to assist the insured person in arranging for professional assistance to improve their physical and/or emotional condition. Assistance includes special equipment for and/or modifications to the insured person’s normal residence or workplace.


Be Clear About ‘Loadings And Exclusions’

A recent ABC article cited 13 major insurance providers all have blanket mental health exemptions on their basic income protection policies. It also cited findings from the Productivity Commission’s November 2020 report that found that of those who identified as a “mental health consumer and had applied recently for income protection insurance, only 8 percent had received the product without exclusions or additional premiums,”. What is so crucial to understanding Loadings and Exclusions, is that an Aspect Income Protection Policy doesn’t load premiums or add additional exclusions.



Aspect Underwriting can cover anything new or any illness that hasn’t had treatment or advice for treatment in the 12 months prior to the policy starting. This is not an ‘industry standard’ approach to this subject but instead high-value assurance that Aspect Underwriting can keep pace with ongoing health complications in the community.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.