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Weekly Life Insurance News Roundup

October 28th, 2012 | Posted by Editor in News

Lion’s share of life insurance sold through superannuation
New research undertaken by CommInsure has reinforced the long-term implications of the Government’s remuneration restrictions around the sale of life/risk insurance within superannuation. The research, which identified that Australians held a false sense of security with respect to superannuation, also revealed that while superannuation represented the primary vehicle via which people accessed life insurance, advisers still played a key role.

Ageing Aussies ‘are throwing money away on life insurance’
Ageing Aussies are essentially throwing money away by paying towards costly life insurance cover, it has been claimed. Experts have suggested that people who take out a policy at the age of 30 or 40 end up paying huge sums once they near retirement age, National Features reports.

Allianz wins top insurance award
Allianz has won the award for Life Insurance Product of the Year at the 2012 Australian Banking and Finance (AB+F) Awards. The awards, held on Thursday at The IVY in Sydney, are Australia’s premier insurance accolades with the winners chosen by an independent panel of senior industry professionals.

Insurance brokers outnumbered against emerging threat
The Mortgage & Finance Association of Australia (MFAA), the mortgage industry’s version of NIBA, has encouraged mortgage brokers to battle insurance brokers by focusing more on offering insurance products.

CommInsure raises red flag about underinsurance
An overwhelming amount of Australians would rather increase their savings or pay bills than take out insurance which places them in danger of needing to refinance their mortgage – or even worse sell their home – if they are out of work for more that three months, new research from CommInsure has shown.

Brokers missing out on sales to a third of clients
Up to a third of all clients would take up insurance if it is offered by brokers, though over half of customers not being offered the products. The latest Commonwealth Bank/MFAA Home Finance Index found only 52.8% of Australian customers are being cross-sold home loan protection insurance. Meanwhile, only 48.2% of customers were offered home contents and building insurance by brokers, and an even smaller 31.2% slice of the market were offered life insurance.

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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