When asked what they’d do with extra money in case a 10% raise was granted to them, the answers of the respondents in a recent TAL survey varied. However, it appeared that life insurance was not among the priorities. The top 4 answers were: Build up saving (58%) Pay off bills (30%) Pay off mortgage…
From the time Accelerated Program was launched by TAL Life Insurance in 2009, it has gone its sixth upgrade on 1 November 2012. As a proud company that pays a daily claim of $2.5 million, TAL is zealous in its life insurance provision. Over 100 improvements were made after a review was done on…
Anyone watching TV recently would be well aware of the increasing number of Life insurance companies promoting direct insurance to consumers. Increasing the awareness of the need for personal insurance cover is great as most Australians and their families are underinsured. Many people have been misled by the advertisements and believe that insuring direct without…
Research house Dexx&r’s financial year report data for 2012 showed growth in life insurance premiums. The report showed an increase of 37.6% to $2.64 billion for new annual premiums for the year. Other growth reports are as follow: Group life insurance rose up to 96% on last year to $1 billion, the biggest…
After changes made in March and May, MLC Insurance of the National Australia Bank has made more changes in its offerings and has introduced RiskFirst Rapid. The product aims to… – Address needs for further income protection premium savings – Allow quick coverage On top of this, an additional 20% savings on…
The last quarter of 2012 financial year saw a great number of life insurance complaints filed at the Superannuation Complaints Tribunal. Telephone complaints coming from fund members totaled 2809 while the number of written complaints reached 627. Summary of complaints with decisions by both fund trustees and insurers upheld by the SCT: In…
At the Association of Super Funds of Australia event, Deputy Chair Ross Jones acknowledged that APRA’s initial position that restricts benefits offered to coverage acquired through life insurance was stiff. When selecting an insurer, licensees were asked to check not only insurance level premiums but all insurance arrangements aspects prior to selecting an insurer. The…
AIA Australia said a poll result showed slow adoption of life insurance within self-managed super fund. The survey of over 400 financial advisers that included accountants, brokers and advisers said SMSF trustees’ “knowledge gap on life insurance” was the reason. About 45% of respondents said less number of clients had life insurance within SMSF and…
Business partnerships are common but there is a concern about the business surviving the tide should one of the partners die or suffer a permanent disability. Typically, a successor is not the immediate solution to a surviving partner but it may be difficult not to have one if the business has to continue. The remaining…
As the sole earner or as a contributing earner in a family, life insurance is important. Family members may suffer financially in the event the earner meets an untimely death. The financial burdens to take care of can be tough. Ensuring that there is financial security in place will help keep the family from economic…