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Weekly Life Insurance News Roundup

February 25th, 2013 | Posted by Editor in News

SMSFs need insuring… or do they?
Despite legislation being introduced late last year in an attempt to boost the life insurance quota of SMSFs, hundreds of thousands of Australians managing their own super continue to risk their retirement nest-egg. The legislation was introduced in response to the Cooper Review, which found that fewer than 13% of SMSFs had insurance. It required trustees of SMSFs to indicate that they’ve considered life insurance for members of the fund.

Clive Levinthal leaves ClearView
Clive Levinthal has left ClearView and accepted a chief executive officer position at Experien Insurance Services.

Under-insurance gap a kiwi problem too
New Zealanders are under-insured by about $650 million and face serious financial risk in the event an income earner dies or suffers serious illness.
The findings are part of a two-year research project commissioned by the Financial Services Council (FSC) and undertaken by Massey University which examined levels of cover for permanent disability, income protection, trauma and life cover.

Life sector remains strong
The life insurance remains one of the more buoyant sectors of the financial services industry, according to the latest data released by the Australian Prudential Regulation Authority (APRA).

Direct life insurance – a friend or foe of financial advisers?
We can buy everything online – clothes, shoes, cars, holidays – so it is only natural that the direct life insurance channel is becoming part of the online tsunami. How threatened should financial advisers feel?

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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