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Weekly Life Insurance News Roundup

June 18th, 2012 | Posted by Editor in News

Former AFA president mourned
Former Association of Financial Advisers president and former South Australian state director, Michael Murphy, has died at the age of 66, after a six year battle with cancer.

Insurers gear up to push income protection
With the governments of New South Wales, Victoria and Queensland looking to cut workers’ compensation, income protection would become crucial, particularly for people who might have relied on government support when sick, injured or unable to work, CommInsure general manager of retail advice Tim Browne said.

iSelect’s two-year licence breach
iSELECT’S life insurance business breached its financial service licence for almost two years, a breach that prompted a review of policies sold over that period and was reported to the securities regulator.

Life data reflects market volatility
The Australian life insurance industry remained in good shape last year, but appeared to suffer from the same volatility and uncertainty which affected broader investment markets, according to the latest data released by the Australian Prudential Regulation Authority (APRA).

Under-insured SMSFs in providers’ sights
SMSFs have traditionally missed out on the cost-benefits of group insurance offered to large fund members, but this is changing. Insurance groups and financial advisers are targeting the forgotten self-managed superannuation fund (SMSF) market as the next sector to be educated about under-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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