{"id":59724,"date":"2022-03-01T12:55:23","date_gmt":"2022-03-01T01:55:23","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=59724"},"modified":"2024-10-30T08:44:12","modified_gmt":"2024-10-29T22:44:12","slug":"shelve-five-year-ip-contracts-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/03\/01\/shelve-five-year-ip-contracts-advisers\/","title":{"rendered":"Shelve Five-Year IP Contracts &#8211; Advisers"},"content":{"rendered":"<div id=\"polls-271\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>In the interests of industry sustainability, APRA should mandate maximum five-year contract terms for individual income protection insurance policies.<\/strong><\/div><div id=\"polls-271-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Disagree <small>(76%)<\/small><div class=\"pollbar\" style=\"width: 76%\" title=\"Disagree (76% | 185 Votes)\"><\/div><\/li>\n\t\t<li>Agree <small>(16%)<\/small><div class=\"pollbar\" style=\"width: 16%\" title=\"Agree (16% | 40 Votes)\"><\/div><\/li>\n\t\t<li>Need more information <small>(4%)<\/small><div class=\"pollbar\" style=\"width: 4%\" title=\"Need more information (4% | 10 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(4%)<\/small><div class=\"pollbar\" style=\"width: 4%\" title=\"Not sure (4% | 9 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_271_nonce\" name=\"wp-polls-nonce\" value=\"67c85e888e\" \/>\n<\/div>\n\n<p>Most advisers have given the thumbs-down to maximum five-year terms for IP policies. This is the clear message stemming from our latest poll, following our story last week that APRA was reconsidering whether it will require insurers to implement five-year maximum terms for individual IP policies from 1 October 2022 (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2022\/02\/22\/five-year-idii-contract-renewal-term-under-review-apra\/\" target=\"_blank\" rel=\"noopener\">Five-Year IP Contract Renewal Term Under Review&#8230;<\/a>).<\/p>\n<p>While the product manufacturers have been scrambling behind the scenes in their efforts to come to terms with the implications associated with having to renew individual IP contracts every five years, there has been little public adviser debate on the issue because:<\/p>\n<ul>\n<li>The proposed implementation of five-year maximum IP terms was delayed by one year<\/li>\n<li>Advisers have been knee-deep in working through the other changes that have been applied to the new era income protection insurance product sets following the 1 October 2021 changes mandated by APRA<\/li>\n<\/ul>\n<p>Now coming into the spotlight following news that the implementation of maximum five-year IP contracts was in the balance, this poll result speaks volumes for the adviser view on this measure &#8211; proposed by APRA as part of its solution to overall sustainability within the income protection insurance ecosystem.<\/p>\n<p>Our poll remains open for a while longer, if you&#8217;d like to have your say&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most advisers have given the thumbs-down to maximum five-year terms for IP policies. This is the clear message stemming from our latest poll, following our story last week that APRA was reconsidering whether it will require insurers to implement five-year maximum terms for individual IP policies from 1 October 2022 (see: Five-Year IP Contract Renewal [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":59748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,4],"tags":[],"class_list":{"0":"post-59724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls","9":"category-products"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/59724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=59724"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/59724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/59748"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=59724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=59724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=59724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}