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The Life Insurance Code Compliance Committee has sanctioned an unnamed life insurer after claim handling failures left some customers waiting more than eight months for decisions. The failures occurred between July 2023 and May 2025 and resulted in 358 breaches of the Life Insurance Code of Practice, with the insurer later paying a combined $160,000 in interest to 101 eligible customers affected by the delays. - read more
Recent findings from the Life Insurance Code Compliance Committee (Life CCC) have revealed a concerning 67% increase in violations related to the timely payment of income protection benefits during the 2024-25 financial year. This surge has raised alarms about the industry's adherence to its own standards and the impact on policyholders. - read more
In response to mounting sustainability pressures and the increasing prevalence of mental health-related claims, several life insurers have introduced innovative Total and Permanent Disability (TPD) insurance products designed to enhance affordability and long-term viability. These developments were highlighted during a panel discussion at the recent Entireti Risk Summit Roadshow events, where insurers outlined their latest product offerings aimed at addressing these critical issues. - read more
In a significant development affecting Australian Football League (AFL) players, Zurich Insurance has announced changes to its Total and Permanent Disability (TPD) insurance coverage, specifically excluding claims related to brain injuries, including concussions and Chronic Traumatic Encephalopathy (CTE), effective from May 1, 2026. This decision has raised concerns among players and stakeholders about the adequacy of support for athletes facing long-term neurological conditions. - read more
Key person insurance is a valuable tool for any business looking to safeguard its operations and financial stability. But what exactly is it? - read more
Keyperson insurance is a type of business insurance designed to protect companies from financial losses that may occur due to the sudden loss of a crucial team member. This insurance policy provides a financial safety net that companies can rely on in difficult times, ensuring continuity and stability. - read more
Keyperson life insurance is a special type of coverage designed to protect businesses against the financial impact associated with the loss of a key team member. Essentially, it acts as a safety net for companies, ensuring that the sudden loss or absence of crucial personnel doesn't jeopardize business operations or continuity. - read more
Key Person insurance, is a vital form of business insurance that protects a company's most valuable assets: its people. This insurance is designed to compensate a business financially when a key individual, such as a business owner, an executive, or an indispensable employee, becomes incapacitated or passes away. - read more
Knowledgebase
Term Life Insurance: A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.