AustralianSuper cuts premiums
AustralianSuper and its life insurance partner TAL are decreasing life insurance premiums for income protection by 20 per cent, death cover by 14 per cent, and total and permanent disability (TPD) by six per cent. New members at the time of joining who are under the age of 25 will not receive default insurance, starting November 2018.
AMP discounts for healthy clients
AMP has launched its Elevate Healthy Start discount, which will allow clients that fit the criteria to receive a 10 per cent discount on Elevate Life and TPD policies for the first five years. The criteria are:
- BMI between 18.5 and 28
- Aged between 30 and 60
- Have no health-related exclusions on lump sum cover
AIA Australia pain education program
AIA Australia is partnering with a community-based education program, Pain Revolution. AIA will sponsor the annual Pain Revolution Ride, which raises funds to train local health professionals, doctors, and physiotherapists on treatments regarding persistent pain.
ANZ upgrade discount offer
ANZ has reintroduced a lifetime large case discount offering a 10 per cent premium discount to new applications for life cover, with a minimum cover level of $1.5 million or more. The offer will be effective from 27 November 2017 to 30 June 2018, and will apply for new applications made for cover via OneCare Super, OneCare, and any TPD and/or trauma cover linked to life cover.
ClearView flat fee offer
A new online payment facility has been launched by ClearView allowing financial advisers to charge and process life insurance advice flat fees. Advisers will access the new Advice Implementation Fee (AIF) facility through the ClearView website and apply fees, or use a combination of fees and commissions.
Melbourne financial businesses fined
Wealth and Risk Management (WRM), Jeca Holdings, and Yes FP have been fined $7.15 million after the Federal Court found the advisers at the companies had been providing advice linked to life insurance that breached obligations to act in the best interest of clients. WRM has been ordered to pay $7.15 million for unconscionable conduct. The Court has ordered director Joshua Fuoco to pay a $650,000 penalty after finding he was responsible for the breaches, and is to pay $100,000 towards ASIC’s investigation cost. Fuoco has agreed to an order restraining him from providing financial services for 10 years.
New chair appointed to life code compliance committee (LCCC)
Former ASX chief risk officer Anne Brown has been appointed as the new chair of the LCCC by the Financial Services Council and the Financial Ombudsman Service.
ClearView refunds poor sales practices
ClearView Life Assurance Limited is to refund roughly $1.5 million to 16,000 consumers after concern was raised by ASIC regarding its life insurance sales practice. ASIC’s review of ClearView’s sales calls found it used high pressure and unfair sales practices when selling life insurance policies over the phone between 1 January 2014 and 30 June 2017.
CBA puts away money for regulatory costs
Commonwealth Bank (CBA) has put more than $500 million aside for ongoing legal and customer remediation costs. CBA said it has set aside $375 million for an estimated civil penalty and a further $200 million for expected costs relating to currently known regulatory, compliance and remediation program costs.