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Weekly Life Insurance News Roundup

March 11th, 2012 | Posted by Editor in News

Shonky planner banished for life
A Sydney planner has been banned for life from giving advice after being accused of masterminding over 60 insurance policy frauds.

Australians unready for the worst-case scenario: CommInsure
The CommInsure Life Insurance Survey, which gauged the attitudes of 1,220 Australians aged 18-64, found that 70 per cent of respondents would be forced to sell their personal assets – including their family home – in the event of a death or terminal illness.

Synchron accuses FSC of misrepresenting churn figures‎
Dealer group Synchron has accused life insurance companies and the Financial Services Council (FSC) of deeming all discontinued life policies as churn, and presenting figures as such to the Federal Government.

MLC Insurance gets upgraded
As part of the product upgrade from MLC, the two insurance offers have received five new features including a 12 month Life Cover Buy Back option which allows customers to restore their life insurance benefit in the event of a TPD claim, double benefits which restore a customer’s life insurance benefit in the event of a TPD or Critical Illness claim and Type 1 diabetes coverage.

Life insurance profits up 65 per cent in December
Life insurance industry profit jumped 65 per cent from $433 million to $714 million in the December quarter, according to the latest quarterly life insurance report from the Australian Prudential Regulation Authority (APRA).

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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