“Australians who seek personal financial advice when taking up life insurance generally achieve more appropriate levels of insurance cover, a better quality policy or contract and the benefit of thorough medical underwriting at the time of the advice.” Review of Retail Life Insurance Advice, March 2015.
As a result of the 2015 Review of Retail Life Insurance Advice report, often called the Trowbridge review, a new life insurance code of practice is well underway with the Financial Services Council (FSC) committed to having a Life Insurance Code of Practice in place by 1 July 2016.
“We are developing this Code to show how serious we are about improving our industry for the benefit of customers and consumers. We want to re-build trust. We want Australians to understand that life insurance can and does measurably improve lives,” said FSC CEO Sally Ms Loane at the recent annual FSC Life Insurance conference in Sydney.
“The Code has always been an important part of our commitment to strengthen community trust and confidence in life insurance. It will be an FSC standard, which means it is mandatory for our members, life insurance companies which write almost 100 per cent of life insurance premiums.”
How does Canstar help life insurance advisers?
Canstar’s AdviserInfo is an online quotation and comparator system for licensed financial planners and risk writers that can be accessed from any web browser. AdviserInfo can be used to:
- research products, to ensure your advice is appropriate;
- compare a number of products;
- obtain premium quotations for all types of risk insurance;
- provide reports which you may use to support your recommendation;
- help explain complex terms and definitions.
AdviserInfo: reduced price
Further reforms to life insurance, a result of the Trowbridge process, is currently before Parliament. The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 considerably reduces high up-front commissions – so Canstar has reduced the price of AdviserInfo, too.
From April, the fees for new AdvisorInfo subscribers are just $49.50 per month, with the ability to make easy and secure online payment via Australia Post’s SecurePay. Same great research, new low price.
Want to have a look? Click here for a no obligation two week free trial.
Contact us for more information email@example.com or call 07 3837 4100.