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Insurance News from Income Protection NZ
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Insurance News
| Regulatory Review of Life Insurance Premium Practices in Australia 01 Apr 2026: Paige Estritori In June 2025, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) provided an update on their joint review of life insurance premium practices. This initiative was prompted by concerns over frequent and substantial premium increases that may not align with policy terms or policyholder expectations. - read more |
| Ongoing Deficiencies in Direct Life Insurance Sales Practices Identified by ASIC 01 Apr 2026: Paige Estritori In August 2025, the Australian Securities and Investments Commission (ASIC) released findings from a review of direct life insurance sales practices, uncovering persistent deficiencies despite previous regulatory interventions. - read more |
| Swiss Re Suspends New Life Insurance Operations in Australia 01 Apr 2026: Paige Estritori Swiss Re Life & Health Australia has announced a suspension of new life insurance business activities in the country, effective October 2025. This decision stems from concerns over the sustainability of Total Permanent Disability (TPD) insurance products, which have seen a significant rise in claims, particularly related to mental health. - read more |
| AIA Australia Highlights Need for Structural Reform in Life Insurance 01 Apr 2026: Paige Estritori Damien Mu, CEO of AIA Australia, has raised concerns about the sustainability of the current life insurance model, citing a significant increase in mental health claims and economic volatility. Speaking at the company's recent Thrive for Life presentation, Mu emphasised that the industry is facing structural changes driven by these factors. - read more |
| Australian Life Insurance Market Poised for Significant Growth 01 Apr 2026: Paige Estritori Australia's life insurance market is on a trajectory to reach $19.8 billion by 2029, according to a recent report by GlobalData. This growth is driven by a combination of demographic shifts, economic factors, and innovation in insurance products. - read more |
| New Legislation Prohibits Genetic Test Use in Life Insurance Underwriting 01 Apr 2026: Paige Estritori The Australian government has introduced legislation that prevents life insurance companies from using adverse genetic test results in their underwriting processes. This move addresses concerns that genetic discrimination has discouraged individuals from undergoing preventive health screenings. - read more |
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Life Insurance Articles
| How Much Life Insurance Do I Need? There are many different reasons to purchase life insurance (generation skipping tax, estate plan, estate preservation, surviving spouse needs, planning for your children's future and more). There is no right amount of life insurance, but here are some guidelines that might help you decide how much life insurance you need. - read more
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| How Much Should You Budget for Insurance in Australia? Welcome to the comprehensive guide on navigating the diverse world of insurance in Australia. Whether you're safeguarding your personal assets or protecting your business interests, insurance plays a pivotal role in financial security. In this introductory section, we'll explore why budgeting for insurance is crucial for Australians, delve into the various types of insurance available, and illustrate how insurance should integrate into your broader financial planning strategy. - read more
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| The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. The advent of the digital age has significantly shifted the manner in which Australians can shop for and secure life insurance from the comfort of their homes, offering tailored solutions with just a few clicks. - read more
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| Understanding the Role of Life Insurance in Your Estate Plan Estate planning is a critical process that often goes overlooked, but it's essential for securing the financial future of your loved ones and ensuring your assets are distributed according to your wishes. It involves the careful organization and protection of an individual’s estate to minimize uncertainties and facilitate the smooth transfer of assets after their passing. While it may seem complex, understanding the basics of estate planning is necessary for every Australian adult, regardless of wealth. - read more
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| Preparing for the Unexpected: Why Income Protection is Essential for Financial Security Life's unpredictability can often bring unforeseen challenges, particularly when it comes to our finances. One day you might be climbing the career ladder, the next you could find yourself unable to work due to illness or injury. This is where income protection insurance steps in, serving as a financial safety net that ensures you can continue to meet your living expenses, even when the unexpected happens. - read more
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| The Role of Health Insurance in Supporting Preventive Care Preventive healthcare refers to measures taken to prevent diseases, rather than treating them after they occur. This includes actions like regular health screenings, vaccinations, and adopting healthy lifestyle practices. - read more
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Knowledgebase
Incontestability Clause:
A provision in a life insurance policy that prevents the insurer from voiding coverage due to a misstatement by the insured after a certain period.
A provision in a life insurance policy that prevents the insurer from voiding coverage due to a misstatement by the insured after a certain period.