TheMoney Management/Dexx&rAdviser Choice Risk Awards are the result of representatives from both groups meeting with a panel of advisers and experts active in the risk market.
Panellists were Roy Agranat — Centrestone Wealth Management, Des Roll — PSK Advisers, Ian Satill —Associated Planners, Geoff Robinson — Geoff Robinson Insurance Agencies, Sue Laing — Laing Advisory Services, and Samantha Ellicot — Associated Planners. Mark Kachor, Dexx&r Research managing director, analysed the data.
Each feature of each product was scored by every panellist and a weighting (determined by the average of the weightings nominated by the panel) applied. These scores were then summed to give a total weighted score.
Definitions within products were also scored and the scores summed to provide a total definition score for each product.
On the issue of premiums, a range of sums insured for Term and Total and Permanent Disability (TPD), Trauma and monthly benefits for Disability income insurance were calculated. These were calculated for males and females and smokers and non—smokers and calculated over a range of ages from 21 to 60 at five-yearly intervals. The relative cost for each product was weighted by age, gender and smoker/non-smoker status.
The total weighted score for features, definitions and price per product was then calculated out of a maximum of 100. Weightings were determined by averaging the weightings nominated by the panel.
The best risk company was determined by calculating the total score of the highest scoring products across every category in every company.
All product information is based on data collected by Dexx&r and published inTerm LifeAnalysisandDisability Analysis. Premium calculations are based on those generated by the Dexx&r Risk Developer Software.
Some products were excluded where they were not available across all scenarios.
Each of the features, definitions and price comparison basis can be found in Dexx&r’sRiskRating Report.
Money Managementwould like to thank the panel and Dexx&r for assisting with the awards.
—Jason Spits
