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Weekly Life Insurance News Roundup

July 9th, 2012 | Posted by Editor in News

Restoring the logic to TPD insurance
Col Fullagar suggests that the need for an underlying logic in any risk insurance recommendation, including TPD, is an important component of safe advice. The debate about the merit or otherwise of total and permanent disability (TPD) insurance started when the product was first introduced in the 1970s and it has continued unabated ever since.

Handle churn through dealer groups, don’t target advisers
The Financial Services Council (FSC) should develop standards to force dealer groups and life companies to manage individual advisers churning business rather than punish the entire industry, reveals an opinion survey of independent advisers conducted by Asteron Life.

Direct insurance 40% of market by 2021
Directly sold insurance will comprise 40% of the market within a decade and intermediaries need to be prepared to work with the growth channel rather than see it as a competitor. In 2010-11 it already accounted for 25% of life insurance sold in Australia, according to a report by the Oliver Wyman and Plan For Life consultancy groups.

Australia outperforms APAC neighbours
Australia remains a stable life insurance market while other major nations in Asia-Pacific such as China, Japan and Taiwan gather negative ratings in Standard & Poor’s latest report.

Insurance payout for dying man
A terminally ill man will now receive his life insurance payout after a court ruled his financial planner had been negligent.

This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.

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