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Key Person Insurance

March 28th, 2012 | Posted by Editor in Articles - (Comments Off on Key Person Insurance)

Key Person insurance is a type of insurance which can be used to reduce the financial impact on a business due to the loss of a person by way of death or long term disability.

A Key Person could be defined as a person who has a significant input toward the profitability of that business.
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Trauma Insurance

March 26th, 2012 | Posted by Editor in Articles - (Comments Off on Trauma Insurance)

What is Trauma insurance
Trauma insurance is a type of insurance which covers the insured person in the event they suffer a severe medical condition including heart attack, cancer and stroke. There are many other conditions covered under this type of policy, which vary from insurer to insurer. A payout to the insured from the insurer is generally made in a lump sum and usually tax free.
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Weekly Life Insurance News Roundup

March 25th, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

ASIC, FPA, and FOS address shadow shopper report
The FPA, ASIC and FOS have partnered to deliver a series of educational workshops for advisers to combat issues found in an upcoming ASIC Shadow Shop survey.

How commission-only selling ruined the sales profession
The United States has been responsible for many great innovations but not all have turned out the way the inventors, architects or innovators intended. One such miscalculation was the introduction of “commission-only” salespeople.

BT Insurance upgrades offer
“Underinsurance in Australia occurs because for many people traditional life insurance products don’t meet their needs. What we have done is create more flexible products that reflect the changes taking place in the market,” said Phil Hay, head of life insurance.
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Weekly Life Insurance News Roundup

March 18th, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

Zurich Australia touts ‘experience-oriented’ architecture
Zurich Financial Services is looking towards analytics, mobile services, cloud computing and APIs in a bid to win customer loyalty through improved, personalised services. Speaking at an FST conference last week, Zurich enterprise architect Sid Sanyal described the challenge of winning and retaining customers to life insurance – a “discretionary buy”.

Life insurance market should welcome regulatory changes: PwC
The upcoming Australian Prudential Regulation Authority (APRA) standards for life insurance companies should be welcomed by the industry as an opportunity to embed better practices, according to PricewaterhouseCoopers partner Scott Fergusson.
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Whole Life Insurance

March 14th, 2012 | Posted by Editor in Articles - (Comments Off on Whole Life Insurance)

Whole Life Insurance is a type of insurance that covers the insured person up until their death and also includes an investment component. When a whole life insurance policy is established the insured has cover for death by any cause even if this occurs well into the future, as long as premiums have been paid, there is no expiry date due to age attached to this type of policy.
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Weekly Life Insurance News Roundup

March 11th, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

Shonky planner banished for life
A Sydney planner has been banned for life from giving advice after being accused of masterminding over 60 insurance policy frauds.

Australians unready for the worst-case scenario: CommInsure
The CommInsure Life Insurance Survey, which gauged the attitudes of 1,220 Australians aged 18-64, found that 70 per cent of respondents would be forced to sell their personal assets – including their family home – in the event of a death or terminal illness.

Synchron accuses FSC of misrepresenting churn figures‎
Dealer group Synchron has accused life insurance companies and the Financial Services Council (FSC) of deeming all discontinued life policies as churn, and presenting figures as such to the Federal Government.

MLC Insurance gets upgraded
As part of the product upgrade from MLC, the two insurance offers have received five new features including a 12 month Life Cover Buy Back option which allows customers to restore their life insurance benefit in the event of a TPD claim, double benefits which restore a customer’s life insurance benefit in the event of a TPD or Critical Illness claim and Type 1 diabetes coverage.

Life insurance profits up 65 per cent in December
Life insurance industry profit jumped 65 per cent from $433 million to $714 million in the December quarter, according to the latest quarterly life insurance report from the Australian Prudential Regulation Authority (APRA).

Group Life Insurance

March 8th, 2012 | Posted by Editor in Articles - (Comments Off on Group Life Insurance)

Group life insurance is generally provided by your employer to its staff members, or an association to it members and is typically offered as an inclusion to your employment package or as a membership benefit.

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Weekly Life Insurance News Roundup

March 5th, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

Asteron revamps technology platform
Asteron Life has spent $10 million on an overhaul of its technology platform as part of a move to reduce costs to its financial advisers and end clients.

Zurich updates Life Risk product
Zurich Financial Services has made further enhancements to its life risk product which it said is aimed at speeding up the insurance process for advisers and their clients.

AIA Australia premiums rise 21%
Life insurer AIA Australia has unveiled premium growth of 21 per cent and a rise in total assets of 27 per cent for fiscal 2011 as it reaped the benefits of increased investment in its products and services.

PJC calls for life insurance shadow shop
The PJC has called on ASIC to conduct shadow shopping surveys on financial advice linked to Australia’s life insurance sector.