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Weekly Life Insurance News Roundup

October 8th, 2012 | Posted by Editor in News

Most funds to offer default IP for MySuper
More than half of Australian superannuation funds will offer default income protection in their MySuper offers, according to a survey released at the recent AIA Australia Group Insurance Summit held in Sydney.

TAL’s bolsters direct to consumer team
TAL Direct, a division of life insurance company TAL, has appointed Dave Hunt as chief marketing officer.

TAL Direct appoints marketing head
TAL Direct, a division of life insurance company TAL (formerly known as TOWER Australia), has appointed Dave Hunt as chief marketing officer.

AMP’s trauma offering wins award
AMP has trumpeted the fact that its trauma insurance offering has picked up an award from ratings house Canstar Cannex. The company said that its trauma product had picked up the Outstanding Value Insurance – Trauma Award as part of the Canstar Life Insurance Star Ratings for the second year in a row.

IP will set apart MySuper offerings: AIA
Income protection will provide a point of difference for super funds, but only 55 per cent are looking to include it, an AIA survey says.

Further delay for insurance standard
A long-delayed global accounting standard for the insurance sector will be put back further after the International Accounting Standards Board announced plans for further consultation after more than a decade of deliberation. “At the moment we have a set of standards for life insurance and another set for general insurance. [But] whatever the nature of the risk – whether it is fire, marine or life insurance – ultimately the same accounting treatment should hold. The challenge has been with the longer duration insurance contracts.”

Life insurance hopes lie with social media: lecturer
A group of Melbourne marketing students have adopted a new media strategy in a bid to lift ailing life insurance rates. Concerned about the vast numbers of Australians with inadequate personal insurance, the postgraduate students from RMIT plan to experiment with Facebook, Twitter, Pinterest and Youtube to try and engage younger audiences.

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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