Category | Superannuation

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  

Claims Are Not Rare Event – ASFA

Life insurance claims were not rare with around 1 in 20 people making a TPD or death benefit claim, according to the Association of Superannuation Funds of Australia (ASFA), which also claimed group life was a better vehicle for people to secure insurance. (more…)

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0 · September 18, 2017 in Claims, Superannuation  

Super Fund Offers Opt-In Insurance Arrangements

AustralianSuper will introduce an opt-in arrangement for life insurance for people joining the fund who are under 25, in an effort to stop account balance erosion. (more…)

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2 · September 18, 2017 in Claims, Products, Superannuation  

Reprice Group Life Based on Dependents – Rice Warner

Group life insurance should be repriced to take into consideration the financial needs of members instead of being based on default sums, according to industry consultant group Rice Warner. (more…)

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2 · August 15, 2017 in Products, Superannuation  

MLC Life Launches Group Life Platform

MLC Life Insurance has continued its rollout of new life insurance related technology with the launch of a group insurance digital platform for superannuation funds. (more…)

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0 · July 25, 2017 in Claims, Company News, Superannuation, Technology  

Government to Simplify Group Life Opt-Out

The Federal Government will ease the process for consumers to opt out of group life insurance schemes with the current arrangements being labelled ‘ridiculous’ by the Minister for Revenue and Financial Services, Kelly O’Dwyer. (more…)

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0 · July 24, 2017 in Products, Superannuation  
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Super Bodies Call for Widespread Commission Bans

All commissions on any form of life insurance should be removed completely as their continued existence does not remove conflicts of interest or protect the best interests of consumer, two industry super fund bodies have claimed. (more…)

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12 · July 4, 2017 in Associations, Compliance & Regulation, Remuneration, Superannuation  

ANZ Wealth Videos Aim to Simplify Insurance for Clients

ANZ Wealth has released a series of educational videos for use by customers of advisers that are designed to help them better understand their insurance cover. (more…)

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4 · June 27, 2017 in Products, Soft Skills, Superannuation, Training  
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Regulator Bans Advisers for False Insurance Information and Dishonesty

ASIC has banned two former advisers, one for providing false information and one for failing to act in the best interest of clients, and has made moves to have a ban reinstated on another adviser. (more…)

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0 · June 23, 2017 in Compliance & Regulation, Remuneration, Superannuation  

MetLife Campaigns to Lift Profile of Group Life

MetLife Australia will promote the benefits of group insurance inside superannuation and is seeking assistance from superannuation fund trustees to join its awareness campaign. (more…)

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0 · May 30, 2017 in Company News, Products, Superannuation