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Weekly Life Insurance News Roundup

November 18th, 2012 | Posted by Editor in News

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.

Parties look to churn compromise
The Financial Services Council (FSC) is understood to be close to reaching a compromise on its so-called Life Insurance framework which, if agreed, would give advisers a less prolonged exposure to the claw-back of their upfront commissions.

TAL delivers half year growth
Life insurance company TAL has reported strong half yearly growth despite concerns over market instability. Results from TAL’s parent company Dai-ichi Life show that TAL’s revenue on a Japanese GAAP reported basis rose 9 per cent to $1.195 billion in the six months to September 31, compared to the same period the year before.

It’s time for consensus on insurance churn
With ASIC’s Peter Kell pointing to a level of life insurance policy churning to warrant regulatory concern, it is time for a clear definition of ‘churn’. With the Australian Securities and Investments Commission (ASIC) commissioner, Peter Kell, last week pointing to the existence of sufficient life policy churning to warrant regulatory concern, it is high time that both the industry and regulator provided a clear definition of “churn”.

How to protect your family for life
A study has found women fail to plan their insurance cover before starting a family, and many do not have a policy for themselves or their partner. The Westpac Women Insurance Survey, to be released this week, reveals six out of 10 women find insurance complicated and do not have life insurance cover.

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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