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Insurance News from Life Insurance Australia
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Insurance News
| Building Resilience: ICA Aligns Floods Inquiry Plan 19 Dec 2024: Paige Estritori The Insurance Council of Australia (ICA) is strategically addressing the recommendations from recent inquiries into flood responses and code of practice in its latest updates. Acknowledging the variety and complexity of the suggestions, ICA supports 78 out of the total recommendations presented, tackling them in a staged and structured manner. - read more |
| Major Acquisitions Shake Up the Australian Life Insurance Sector 18 Dec 2024: Paige Estritori In a significant move estimated at $13 billion, MLC Life Insurance and Resolution Life’s subsidiaries in Australia and New Zealand are set to merge. This development is part of an acquisition involving Nippon Life, a major player in the global insurance industry. - read more |
| Sure Highlights Coverage Gaps in Cyclone Zones 17 Dec 2024: Paige Estritori An alarming gap in insurance coverage has been spotlighted by Queensland underwriting agency, Sure, as it drew attention to underinsurance among cyclone-susceptible areas. Their comparison of coverage across the state reveals stark contrasts that could have dire consequences for residents. - read more |
| Term Life Insurance Fuels Customer Grievances 13 Dec 2024: Paige Estritori New insights from the Australian Securities and Investments Commission (ASIC) highlight that term life insurance sparked the most grievances among consumers last financial year. ASIC's newly released internal dispute resolution report indicates that 41% of the complaints were linked to term life policies. - read more |
| Car Theft Case: Ignition Key Slip Leads to Unexpected Payout 13 Dec 2024: Paige Estritori A recent ruling has shed light on an insurance predicament where a policyholder’s vehicle was taken directly from outside his house while the ignition key remained in the car. Despite this oversight, the couple involved managed to secure compensation for the incident. - read more |
| Mental Health Drives Surge in Insurance Claims 11 Dec 2024: Paige Estritori In a revealing update, life insurance provider TAL has highlighted a significant increase in claims related to mental health, acknowledging the growing incidence of psychological conditions affecting policyholders. The latest data indicates that mental injuries have become the most predominant source of claims, surpassing even physical ailments. - read more |
| Insurance Premium Tactics Under Scrutiny 11 Dec 2024: Paige Estritori In Australia, consumers are experiencing unexpected hikes in their health insurance premiums, driven by strategies some companies employ to bypass standard regulatory measures. - read more |
| Mental Health Drives Growing Claims in Insurance Benefits: TAL Insights 10 Dec 2024: Paige Estritori The latest release of data from renowned Australian insurer, TAL, demonstrates the pervasive impact of mental health on insurance claims. Notably, mental health conditions have sustained their status as the leading cause for claims under Income Protection (IP) or Total and Permanent Disability (TPD) covers. - read more |
| Missed Insurance Coverage Turns Costly for Long-Time Client 09 Dec 2024: Paige Estritori In a challenging outcome for a long-standing customer, a car owner has faced rejection in his bid for damage compensation after it was established that his insurance coverage had been terminated over five years before the incident. - read more |
| Driving App in Focus: Safer Roads Through Tech-Savvy Incentives 09 Dec 2024: Paige Estritori Technology is reshaping how we approach road safety, and AAMI, a subsidiary of Suncorp, has taken a significant leap with its driver-focused rewards program. The initiative has reportedly succeeded in fostering better driving habits among participants. - read more |
| Mental Health Claims: A Growing Concern for Young Adults 06 Dec 2024: Paige Estritori Recent findings highlight a significant trend: an increase in Total and Permanent Disability (TPD) claims among 30- to 40-year-olds, with mental health as a key factor. Over the past decade, these claims have soared, the Council of Australian Life Insurers (CALI) reports. - read more |
| Bakery Blaze Sparks Allegations of Insurance Fraud 05 Dec 2024: Paige Estritori A bakery owner in Western Australia has been engulfed in controversy following accusations of deliberately setting her business premises on fire. Officials allege this was an attempt to secure a hefty insurance payout. - read more |
| Heat Claims Denied: Insurer Cites 'Oven Effect' in Container Dispute 05 Dec 2024: Paige Estritori A local business operator suffering significant heat damage to pool covers stored within shipping containers has experienced a setback, as a recent ruling favored the insurer's interpretation of their policy terms. The implications of this decision represent a crucial discussion point for businesses storing items prone to temperature sensitivity. - read more |
| Life Insurance Takes Backseat in Cost-Cutting Measures 03 Dec 2024: Paige Estritori As Australians tighten their belts in the face of rising living costs, life insurance is rapidly being placed on the chopping block. The Council of Australian Life Insurers (CALI) reports that individuals are more likely to reduce life cover rather than home or car insurance. - read more |
| Call for Greater Transparency in Professional Indemnity Insurance 02 Dec 2024: Paige Estritori The Australian Financial Complaints Authority (AFCA) is advocating for enhanced transparency concerning the Professional Indemnity (PI) insurance maintained by member companies, highlighting its current lack of oversight regarding PI insurers. - read more |
Follow us!
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Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
Life Insurance Articles
| Understanding Life Insurance: How to Get the Best Online Quotes The digital age has fundamentally transformed how we approach almost every aspect of our lives, including the way we shop for life insurance in Australia. Gone are the days when one had to schedule meetings with insurance agents or flip through pamphlets to understand life insurance policies. Today, obtaining life insurance quotes online has become the norm, offering a hassle-free and incredibly accessible platform for individuals to safeguard their financial future. - read more
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| Understanding Life Insurance: How to Determine Coverage Amounts Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more
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| Life Events That Should Trigger a Life Insurance Review for Aussie Families Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more
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| How Life Insurance Provides Financial Security for Your Loved Ones Life insurance is a crucial part of any comprehensive financial plan, providing peace of mind that your loved ones will be financially secure in the event of your passing. - read more
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| The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. - read more
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Life After You: Planning Ahead With Quality Life Insurance for Your Family Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more
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The Digital Age of Insurance: Keeping Costs Down with Online Quotes The horizon of the insurance industry has undergone a transformative shift with the advent of digital technology. With a few clicks, consumers can navigate the once-complex world of insurance policies from the comfort of their home. The digital landscape for insurance services offers unprecedented access to information, comparisons, and instant communication, fostering a more empowered insurance client. - read more
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Life Insurance and Estate Planning: What You Need to Know Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
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The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. - read more
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A Millennial's Guide to Life Insurance For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more
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Knowledgebase
Surrender Value:
The amount of money an insurance policyholder will receive if they voluntarily terminate the policy before it matures.
The amount of money an insurance policyholder will receive if they voluntarily terminate the policy before it matures.