Polls Archive

What is the key change you would make to the proposed Life Insurance Framework reforms?

  • Accept the reforms, but reduce clawbacks to one year (41%)
  • Reject the reforms and retain the status quo, ie retain upfront commissions (28%)
  • Accept the reforms, but allow an 80/20 hybrid model (18%)
  • Accept the reforms, but guarantee access to 30% level commission option, with no clawbacks (7%)
  • Accept the reforms as currently proposed (4%)
  • Other key changes (2%)
  • Not sure (0%)

Start Date: September 22, 2015 @ 7:16 pm
End Date: October 13, 2015 @ 2:19 pm

My primary concern with the clawback provisions in the proposed Life Insurance Framework is...

  • Unfairness - clawbacks will apply, even if cancelling or moving the policy inside 3 years is in my client's best interests (60%)
  • Uncertainty - to my business, caused by the extended 3-year period during which my income coud be clawed back (23%)
  • Unsustainability - my current business could only sustain a 1-year clawback period (11%)
  • Unsustainability - my current business could only sustain a 2-year clawback period (2%)
  • Other concerns (2%)
  • Not sure (2%)

Start Date: August 25, 2015 @ 5:05 pm
End Date: September 22, 2015 @ 7:37 pm

Which of these remuneration and clawback combinations would best suit your business?

  • If these are the only choices, I would prefer the existing level commission option (46%)
  • 60/20 hybrid and 4-year clawback period, where clawbacks are restricted to replacement business only (20%)
  • Not sure (18%)
  • 50/20 hybrid and 2-year clawback period (10%)
  • 60/20 hybrid and 3-year clawback period (existing LIF proposal) (6%)

Start Date: August 18, 2015 @ 2:32 pm
End Date: August 25, 2015 @ 5:24 pm

Which of these options, currently proposed under the new Life Insurance Framework, would best suit your advice business?

  • Combination of hybrid and level options - depends on individual case (29%)
  • New hybrid commission model - 60%/20%, plus client advice fee (28%)
  • New hybrid commission model - 60%/20% (12%)
  • Other combination (12%)
  • Existing level commission model - 30%, plus client advice fee (7%)
  • Not sure yet (6%)
  • Existing level commission model - 30% (4%)
  • Client advice fee only (2%)

Start Date: August 4, 2015 @ 7:33 pm
End Date: August 25, 2015 @ 4:34 pm

What is the most significant change you will seek to implement in your risk-focused business in response to the New Life Insurance Framework?

  • Leave the industry (38%)
  • Increased focus on business efficiencies (22%)
  • Deliver more holistic, broader advice solutions (20%)
  • Not sure (8%)
  • Specialise in advising higher net worth clients (7%)
  • Other (5%)

Start Date: July 14, 2015 @ 7:50 pm
End Date: August 4, 2015 @ 7:39 pm