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Westpac to Face Class Action Over Premiums

Consumers who received life insurance advice from a Westpac aligned financial adviser and purchased a policy based on that advice have been encouraged to join a class action which claims the bank overcharged clients for their life insurance premiums. (more…)

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7 · October 16, 2017 in Claims, Company News, Compliance & Regulation, Products  

PPS Mutual Issues First Round of Profit Share

Boutique life insurer PPS Mutual has closed out its inaugural financial year by announcing it will release its first round of profit sharing to members. (more…)

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0 · October 11, 2017 in Company News, Products  

MLC Life Halts Premium Increases for One Year

MLC Life Insurance will freeze any increases on base premium rates for existing policies for a period of one year, effective from 10 October 2017. (more…)

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1 · October 10, 2017 in Company News, Products  
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Advisers Most Satisfied With ClearView

Advisers have named ClearView as the life insurer with which they are most satisfied, according to industry research group, Investment Trends which has also given the insurer its Overall Satisfaction – Insurer Award for the first time. (more…)

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4 · September 26, 2017 in General, Products, Services  

Consumers Unwilling to Recommend Insurers

The lack of trust in life insurance by Australian consumers has come about because of a misalignment of interests that began with the demutualisation of the life insurance industry over 20 years ago, claims PPS Mutual Chief Executive, Michael Pillemer. (more…)

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4 · September 26, 2017 in General, Products, Remuneration, Services  
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Transparency Needed to Restore Confidence

Life insurance advice and products need to increase their level of transparency with consumers to re-engage with them and overcome the decline in public confidence in the sector, a new whitepaper from ANZ has claimed. (more…)

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2 · September 22, 2017 in Compliance & Regulation, Products, Remuneration  

Super Fund Code to Cap Premium Prices

Super funds offering life insurance will be required to stop deducting premiums after a member’s contributions cease, and cap premiums in line with the earnings of members, according to a new draft Code of Practice. (more…)

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0 · September 21, 2017 in Associations, Products, Superannuation  

Future Advice Review Requires Transparency

Any future reviews of life insurance advice should be undertaken using an agreed industry definition for lapse and churn and should include a random sample of advisers, according to the AFA. (more…)

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1 · September 19, 2017 in Associations, Compliance & Regulation, Products, Remuneration  
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New CommInsure Platinum IP Option

A new Platinum IP product option headlines a range of enhancements in CommInsure’s latest product upgrade. (more…)

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0 · September 19, 2017 in Products  
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AMP Confirms Closure of FLP Range

AMP has confirmed it will close its Flexible Lifetime – Protection product range to new applications at the end of September. (more…)

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0 · September 19, 2017 in Products