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Weekly Life Insurance News Roundup

October 21st, 2012 | Posted by Editor in News

Accountants question membership over blanket ban
The blanket ban on commissions in insurance will cause members of the major Australian professional accounting bodies to reconsider their membership if it begins to outweigh client benefits, an industry executive said.

Bravura rated a top 100 technology vendor
Australian-based financial services software provider Bravura has this week been named as one of only two Australian companies among the world’s top 100 technology vendors by a key US publication. Bravura launched its next-generation wealth management platform, Sonata, at the end of 2010 to provide a single administration solution for life insurance, trust, pension/annuity, group superannuation/pension and UK wrap.

Software set to provide the missing link for financial planners
With major legislative change set to occur, it is up to software providers to make life easier for financial planners. Andrew Tsanadis discovers that the role technology and new media are playing in the financial planning industry today is unprecedented.

Clawbacks will devastate financial planning practice values
Financial advisers could find that their practice’s will dramatically decrease in value should the Financial Services Council’s (FSC) proposed anti-churning policy go ahead as planned.

Comparison site offers ‘free professional advice’
An Australian online insurance comparison site is now offering what it terms as “free professional advice” from “highly qualified advisers”. Should brokers be worried? Cover Australia’s free professional advice comes with a Platinum Partner Programme geared towards “making it easier for individuals to assess different types of insurance policies.”

Advisers force life premiums down
Financial advisers are the driving force behind falling premium rates on life cover products, according to ClearView’s Clive Levinthal. A recent joint study by the life insurer and industry information supplier Plan For Life shows that premiums have fallen consistently since 2004.

When should income protection cover be held inside superannuation?
When it comes to income protection, clients’ individual circumstances will dictate whether that cover is held inside or outside of superannuation. TAL’s David Glen weighs up the options between the two.

Hultgren appointed MDRT Australia chairman
Geelong based financial adviser and Principal of Chapman Welsh Financial Services Ross Hultgren has been appointed Australian national chairperson of the Million Dollar Round Table (MDRT).

Aussies wasting thousands on insurance
AGEING Australians risk wasting thousands of dollars a year paying for life insurance products they don’t need. Insurance experts say most life insurance is linked to inflation rises, and premiums also increase as people get older – so a policy costing less than $500 at age 30 or 40 can cost almost $4000 by age 60.

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

Most funds to offer default IP for MySuper More than half of Australian superannuation funds will offer default income protection...

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