The implementation of the New Life Code of Practice on 1 July 2023, which will introduce more than 50 comprehensive consumer protections, will change the way customers interact with their life insurers, according to the FSC.
The council’s CEO, Blake Briggs says this “significant milestone” in the life insurance industry “…represents its commitment to prioritising consumer interests and ensuring that Australians can take out life insurance with greater confidence.”
He notes the new Life Code will come into effect in less than a month and will encompass all aspects of the customer’s journey, from the design and sale of products to the claims process.
Briggs states that by setting “… higher standards than what the law mandates, the new Code will increase trust, transparency, and fairness in the life insurance sector.”
…the FSC has released a detailed guide on life insurance law…
To help consumers in understanding their rights under the New Code, the FSC has released a detailed guide on life insurance law that it says outlines “…the most important legal rights and obligations for life insurance customers, along with a consumer fact sheet that details key information about life insurance premiums.”
Briggs says along with the new Code these resources will serve as valuable tools to empower customers to make informed decisions about their life insurance cover.
“The new Life Code demonstrates the FSC’s dedication to driving positive change and raising the bar for consumer protection within the life insurance industry,” he adds.
Click here for more information about the New Life Code of Practice.
