CALI has submitted its response to the independent review of the Life Insurance Code of Practice.
The organisation’s CEO, Christine Cupitt, said the review was an important opportunity to hear a broad range of views from the community, consumer advocates and regulators.
“The Life Code is central to continued trust between life insurers and the Australians they protect,” Cupitt said.
“For the Life Code to remain strong, relevant and trusted, it must continue to meet the needs of Australians, keep pace with regulatory change, and reflect what the community expects from our industry.”
The code establishes enforceable standards that life insurers agree to uphold, ensuring customers can confidently purchase life insurance knowing their insurer will provide assistance when needed.
CALI’s submission supports evolving the Life Code to provide “the right protections for customers in an accessible, understandable way”.
This includes protections for people experiencing vulnerability, financial hardship or mental ill health.
CALI’s submission also highlights areas where clearer language, a simpler structure and better alignment with the law could improve understanding, consistency and confidence for customers, without reducing existing protections.
