CommInsure is the latest insurer to announce a forthcoming product upgrade.
The company is releasing supplementary PDSs for its Personal Insurance Portfolio (PIP) and Total Care Plan Super products, to take effect from 10th November 2008. riskinfo will provide further details soon.
The revised product update schedule, which still has more companies to be included, is set out below:
- 20th October 2008: Aviva product enhancements (completed)
- 24th October 2008: Macquarie Life update (completed)
- 27th October 2008: MLC product enhancements/underwriting initiatives/Level Premium Guarantee
- 27th October 2008: AXA – enhancements to the AXA Insurance offer
- 10 November 2008: Asteron and Suncorp Lifeguard product update, including progressive roll out of Asteron Lifeguard EQ electronic application and underwriting package
- 10 November 2008: CommInsure product update – SPDS releases for PIP and Total Care Plan Super
- 17th November 2008: TOWER rates and features update – TOWER Protection Policy
- 17th November 2008: AMP product features enhancements
- 17th November 2008: Accelerated Protection Policy (TOWER) – major update
- 1 December 2008: AIG Life Priority Protection – major update
I am impressed with Phil, as he is saying what most advisers are thinking.
It does not matter how innovative the Life Insurance Industry becomes, if there are insufficient Advisers left in the Industry to look after clients and provide advice.
There is so much debate and argument about a plethora of topics, however all this is doing, is muddying the waters.
It does not matter what a Financial Planner who offers a broad spectrum of services brings to the table, if they are not listening to what the Australian public think, then their advice is counter productive and is a cause for the ridiculous situation we are now in.
Let me be clear.
Australians will not tolerate high premium increases.
That is their number one concern and the main reason for lapses.
There WILL be a exodus of advisers and there will be insufficient new advisers with sufficient soft skills to fill the gap.
This was completely avoidable and is a national disgrace.
The Life Insurance Industry must shoulder most of the blame, as they allowed a small though aggressive group of rogue advisers to churn and turned a blind eye.
That is all in the past, though the fixes brought to the table via LIF and FASEA will have the EXACT OPPOSITE affect of what was intended.
If there was a great, good, mediocre, indifferent, bad or terrible way to fix the issues being faced by the Industry,
somehow we ended up with the terrible option.
The Life Insurance Industry has survived through hundreds of years of change.
What is going to diminish the Retail Life Industry, is a non recognition of the facts and a unwillingness to face the facts.
Until the obvious things are remedied, all we are doing is innovating to a quicker exit.
Phil, I and many advisers thank you for bringing to the table, the truth.
Unless people start listening to you and other REAL experts in the Life Insurance Industry and action is taken to remedy the downward slide, by bringing back some common sense and a willingness to learn from this fiasco we have watched unfolding over the last few years, I fear it will be too late.
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