More than 40% of consumers and 60% of SMEs with life insurance policies worry whether their claims will be paid, according to an annual survey by MetLife Australia.

About half the SMEs surveyed are thinking of leaving their adviser in the next 12 months for a new one, or to cut the relationship completely. Around 33% say high fees and commissions are making them think about the change, and 26% cite trust issues as the trigger.

MetLife says the survey findings underscore the work ahead for the industry, which is still reeling more than a year after the Hayne royal commission hearings.

“From this year’s research, we know that many potential customers are choosing not to seek out expert financial advice based on unfounded concerns around claims not being paid out,” Head of Advice Strategy Jeff Scott said.

“Yet we know that in reality, the vast majority of death, income and [total and permanent disability] claims are in fact paid out.

“There is clearly a huge role for frequent and relevant communications to play in quelling these misperceptions and alleviating concerns.

“Advisers have an opportunity to add significant value to risk clients: first by informing them of their duty of disclosure at application time, and secondly by being an advocate for their clients at claim time.”

The survey of 1298 respondents involved 797 consumers and 213 SMEs that have bought life insurance through a financial adviser.