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Weekly Life Insurance News Roundup

November 25th, 2012 | Posted by Editor in News

Outdated SMSF guidelines need a revamp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.

Women find insurance ‘too complicated’
A new survey has suggested the majority of Australian women find insurance too complicated and as a result put their families at risk by not having enough cover. Are these controversial findings fair? The Westpac Women Insurance Survey reveals six out of 10 women find insurance complicated and do not have life insurance cover.

Insurance Industry criticised over handling of mental health
Pre-menstrual tension or even a bout of depression may be normal but it seems it may affect your chances of getting life insurance. Some callers working in the financial and insurance sector defended insurance company practices but others say its discrimination.

Proof brokers are better than direct insurers
The Financial Ombudsman Service’s finds that of its 25,000 plus disputes received annually, insurance brokers are responsible for a tiny fraction compared with general insurers and other advice professionals. When broken into sectors, general insurers were responsible for 7,591 complaints, second only to banks who accounted for 12,210. Life insurers also had 851 complaints. General insurance brokers were responsible for a paltry 123 complaints and life insurance brokers mustered only 13.

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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Weekly Life Insurance News Roundup

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