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Weekly Life Insurance News Roundup

May 14th, 2012 | Posted by Editor in News

Dig deep before buying funeral insurance plan
Have you noticed how many ads there are out there for funeral insurance? It can take as few as six years for the premiums to be more costly than the funeral itself. Funeral insurance is just another form of life insurance. You are paying premiums over a period of time to deliver a lump sum at the end of your life.

Pitch life insurance as “peace of mind”
Advisers can improve their approach to selling life insurance by addressing a simple client need, Macquarie Adviser Services head of research says.

Increased superannuation life insurance jeopardises coverage
A significant increase in the number of Australians holding life insurance coverage through their superannuation has corresponded with a drop in the number of people holding a stand-alone policy, potentially exacerbating the insurance gap, according to Macquarie Life.

Call for clearer life insurance churn definition
Industry discussion in relation to what constitutes ‘churning’ in life insurance needs to be replaced with a debate on a sustainable remuneration model for switching policy providers, according to TAL chief executive for retail life Brett Clark.

Life insurance and annuities embedded in financial planner revenue
Life insurance and annuities have become far bigger parts of the revenue model for financial planners, according to the latest data compiled by Wealth Insights.

OnePath upgrades insurance offering
ANZ owned OnePath has upgraded its OneCare life insurance offering, based on customer and adviser feedback since the launch of the product seven years ago. OnePath is introducing a new SuperLink arrangement to its OneCare product which means that clients can split the ownership of their total permanent disablement (TPD) cover between an ordinary non-superannuation and a superannuation policy.

SMSFs are not underinsured: SPAA
The existence of life insurance within self-managed superannuation funds (SMSFs) is significantly low but it does equate to a larger underinsurance problem, Self-Managed Super Fund Professionals’ Association of Australia’s (SPAA) national technical director said.

TAL makes executive appointments
TAL has appointed John Hoyle as chief executive officer of its TAL Direct InsuranceLine business and Kent Griffin has joined TAL as chief financial officer.

Tackle underinsurance online: Lifewise
Advisers should be utilising online and social media tools to make Australians aware of the country’s underinsurance problem, according to Lifewise.

Police walk a fine line without life insurance
THE lack of adequate death and disability coverage for Canobolas Local Area Command police may affect their job performance a union spokesman says.

Financial planners and insurance banned from calling themselves independent
FINANCIAL planners and insurance brokers have been banned from using the term “independent” by the investment watchdog after an investigation found 21 firms falsely stating they were not receiving commissions or volume payments.

Are you under-insured, over-insured, or just plain insured?
Australia is one of the most underinsured nations in the developed world in terms of Personal Insurance, and sadly, many small business owners are not much better when it comes to insuring themselves and their businesses.

ASIC suspends practice licence
ASIC has suspended the licence of Australian Performance Financial Planning for three months for unknown reasons.

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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Life Insurance and Self Managed Superannuation Funds (SMSFs)

The importance of considering Life and Total and Permanent Disability insurance as part of a self managed super fund (SMSF)...

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