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Weekly Life Insurance News Roundup

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

CommInsure adds to restructured advice team
CommInsure has added to its newly restructured retail advice distribution team with the appointment of Ben Bancroft as national accounts manager. Tony Smith, former head of national accounts departed CommInsure for ClearView Wealth in February, prompting a reshuffle.

Depressed? You’ve got Buckley’s getting insurance
PEOPLE with a history of depression, insomnia or stress are being denied access to insurance, with health experts accusing the industry of systemic discrimination against those with even mild mental health problems.
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Income Protection inside Superannuation

June 20th, 2012 | Posted by Editor in Articles - (Comments Off on Income Protection inside Superannuation)

Income Protection policies have generally had ownership outside of superannuation up until mid July 2007, when the removal of Reasonable Benefit Limits (RBLs) was introduced prompting an increase in the amount of people taking life insurance through their super with the follow on effect of this being the increase in Income Protection being held within the super environment.
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Weekly Life Insurance News Roundup

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

Former AFA president mourned
Former Association of Financial Advisers president and former South Australian state director, Michael Murphy, has died at the age of 66, after a six year battle with cancer.

Insurers gear up to push income protection
With the governments of New South Wales, Victoria and Queensland looking to cut workers’ compensation, income protection would become crucial, particularly for people who might have relied on government support when sick, injured or unable to work, CommInsure general manager of retail advice Tim Browne said.
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Weekly Life Insurance News Roundup

June 12th, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

Ebix acquires Australian firm
Ebix, which provides on-demand software and e-commerce services to the insurance industry, has acquired Fintechnix, a supplier of web based straight through processing solutions to the Australian life insurance and wealth management sectors.

Life insurers pay out $4 billion in 2011
The 10 biggest life insurers paid out just under $4 billion in claims in 2011 – up 11.4 per cent from 2010, according to research conducted by The Risk Store. The amount of money paid out in claims has increased by 96 per cent since 2006, said Risk Store managing director Peter Wincott.
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Weekly Life Insurance News Roundup

June 3rd, 2012 | Posted by Editor in News - (Comments Off on Weekly Life Insurance News Roundup)

Direct life insurance up but credit insurance flat
Overall direct life insurance sales have grown 11.3 per cent in 2011 and in-force annual premiums are up 10.9 per cent despite flat growth in credit-related insurance sales, according to Rice Warner. Term, income protection and accident insurance business in-force premiums are up 17.4 per cent and have grown more rapidly than traditional adviser-sold and superannuation fund risk insurance in 2011.

‘Churning’ should be addressed at the underwriting stage
Underwriters should exercise the whip hand when it comes to dealing with churning in life insurance. That is the analysis of Synchron, which has claimed that in order to address the issue of ‘churning’ the responsibility should fall on the underwriter to determine whether to continue with an insurance policy.

Benefits of a safety net
Income protection premiums are deductible but often overlooked. If you are thinking about income protection insurance, it could be financially worth your while to prepay a year’s premiums before June 30 and bring forward a handy tax deduction. But that doesn’t mean you should grab any old policy.
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Personal Insurance Is Becoming Easier To Qualify For

June 1st, 2012 | Posted by Editor in Articles - (Comments Off on Personal Insurance Is Becoming Easier To Qualify For)

Life insurance products have been around for many decades with these products being improved & updated on an ongoing basis. This has provided additional benefits & therefore better cover to current & future policy owners.

The same can be said for the underwriting guidelines allowing for a greater number of people qualifying for cover compared to historical figures. Underwriting is the process by which the insurer determines medically whether or not cover will be issued to you & if so under what terms.
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