Do you believe the Life Insurance Framework reforms will be implemented on 1 July 2016 with no further changes?
- No (68%)
- Yes (21%)
- Not sure (11%)
Start Date: October 20, 2015 @ 8:33 pm
End Date: November 3, 2015 @ 9:32 am
Will your advice business be ready by 1 January 2016 to operate under the currently-proposed Life Insurance Framework provisions?
- No - and we wouldn't be ready by 1 July 2016 (33%)
- Yes - we're ready now (31%)
- No - but we'd be ready by 1 July 2016 (17%)
- Not sure (12%)
- Yes - we're not ready today, but will be by 1 January 2016 (7%)
Start Date: October 13, 2015 @ 2:15 pm
End Date: October 20, 2015 @ 8:34 pm
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