After an ASIC investigation, nine super After an ASIC investigation, nine super trustees have ceased charging new members life insurance premiums at higher smoker rates after labelling them as “smokers” by default.
The Australian life insurance industry’s performance is in a downward spiral, regulator APRA’S latest data show. A $19bn increase in overall CY19 revenue on CY18, mainly driven by a favourable investment market, was offset by a $17.8bn rise in total expenses and $1.8bn increase in tax expense.
The Financial Services Council (FSC) has been compelled to issue a statement about life policies in relation to the coronovirus outbreak, after WHO declared it was a “gloal public health emergency”.
Financial Services Council (FSC) has refuted consumer advocate Choice’s and its partner advocate Super Consumers Australia’s (SCA) super figures and their claim total and permanent disability (TPD) policies in super are nothing but junk, saying Choice’s figures are based on out-of-date 2016-17 data that ignore “significant” improvements after the Life Insurance Code of Practice came into force.