From Canberra this week…lobbying for life insurance policy improvements

AFA News 18 March 2021. On Tuesday 16 March and Wednesday 17 March, Phil Anderson, the AFA General Manager of Policy and Professionalism, joined a delegation of representatives from the Choice & Access to Life Insurance (CALI) group to meet with politicians from both sides of Parliament to talk about the life insurance market and the challenges being faced. CALI comprises the big four life insurers, the FSC, the FPA and the AFA. One of the key objectives of the CALI group is the retention of the option for clients to choose to pay for their life insurance advice through commissions. This is an objective where we are all on the same page.

CALI has commissioned research by NMG Consulting and prepared a white paper, that is being used to explain the importance of life insurance and to outline the expectations of the community. This research is expressing the view that Life Insurance is a Community Good, and that the policy settings need to do more to promote access.

It is important to proactively lobby politicians in advance of the release of the ASIC LIF 2021 Review report, which is expected to be provided to the Government at the end of next year.

Please contact [email protected] if you have any questions with respect to the CALI Group.

Issued 18.03.2021. AFA Policy & Education Update