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Weekly Life Insurance News Roundup

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

Outdated SMSF guidelines need a revamp
Chan & Naylor director Ken Raiss pinpoints the restriction for SMSFs to have a maximum of four members, restriction to move life insurance to an SMSF, cancellation of an over 65 trustee entitlement to three-year average contribution plus over-contribution penalties as the key pressing guidelines to be revisited in the New Year.

TAL appoints new general manager
TAL has appointed Brad Clarke as its new general manager of corporate strategy and M&A. In the newly created role, Clarke will be working alongside the life insurance giant’s managing director Jim Minto.

Is it time for insurers to go back to basics?
When it comes to affordability of life insurance, it needn’t be all or nothing. There are a number of strategies that can be employed to help make insurance an option for more clients, and as CommInsure’s Tim Browne writes, perhaps it’s time to get back to basics with product design.
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Weekly Life Insurance News Roundup

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

Aussies paying double for insurance, says super funds report
AUSTRALIANS are paying almost double for insurance taken out through retail sector superannuation funds, according to a new report.

Financial advisor sentenced for $400,000 theft
A former financial advisor has been sentenced to 41 months after stealing nearly $400,000 in commissions from fake insurance applications. Susan Heathwood of Randwick, New South Wales, received a suspended sentence and entered two-year good behaviour bond of $1000, in the Downing Centre District Court.

Wholesale insurance prices set to “firm”: Rice Warner
Australians taking out insurance within their superannuation are set to see “more rational pricing” in the wholesale insurance market, says Rice Warner’s Richard Weatherhead. Weatherhead, who is head of life insurance at Rice Warner, pointed to a Rice Warner report that predicts a firming of premium prices in the wholesale market as insurers respond to more volatile and often higher claims rates.
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Weekly Life Insurance News Roundup

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

AIA Australia improves adviser quoting and app tool
AIA Australia has revamped its online quoting and application tool eApp Express for advisers in direct response to adviser feedback. It’s understood that eApp Express – which lets advisers electronically lodge life insurance quotes and applications – has been designed to cater for the growing numbers who working via new platforms and browsers including tablets, laptops, notebooks and ultrabooks.

Adviser: Why I left AMP
This financial advice practice owner reveals why he decided to leave the comfort of a major institution and go it alone.
Speaking at the AFA National Conference, Phil Campbell from Edplan – which services the teacher market – explained that he started as a life insurance agent back in 1983, and managed to build the practice up to a value of $2m by the year 2000.

Choosing the right insurance
HAVING life insurance is an important financial safeguard for our family and loved ones if the unexpected occurs. While discussing life insurance can be a sensitive topic, without some planning for the unexpected it could be incredibly difficult for many families to maintain their current standard of living.
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Weekly Life Insurance News Roundup

November 4th, 2012 | Posted by Editor in Articles - (Comments Off on Weekly Life Insurance News Roundup)

Asia is our lifeline, says insurer
ONE of the nation’s biggest life insurers, TAL, is working with its Japanese parent company to roll out its high-tech distribution model in Asia for the first time. “We would have the most advanced life-insurance market and model of anything in Asia. They have very traditional models — field forces of agents running around selling things to people.”

The future of life insurance
In the wake of the Financial Services Council’s (FSC’s) release of its Life Insurance Framework, Money Management recently joined with the Association of Financial Advisers to bring the industry’s leaders together and focus the debate on the future sustainability of the life insurance industry.

Tackling direct insurance head on
Participating in a life insurance panel discussion, Tim Ross, managing director, Ross Financial Group said that as online direct insurers are encroaching into the market, advisers must focus on fine tuning their value proposition in an effort to erase the competition.
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