We strongly believe that the Proposed Life Insurance Framework (LIF) provides adverse outcomes to consumers, dramatically reduces competition and promotes vertical integration in Retail Life Insurance.
We are a group of advisers, business owners and industry leaders and are passionate about looking after our customers and we believe if there are to be any changes they need to benefit consumers, improve quality of advice, enhance competition and provide affordable protection to Australian families.
Below is a copy of our petition to government
Our Concern is the following:
The LICG does not agree (and has supporting information to validate this) that the LIF will achieve any of the following, and in fact is counter to the desired outcomes of the LIF:
- Improve the Quality of Life Insurance Advice to consumers
- Ensure that strong competition stays in place to ensure:
- consumers continue to get access to the most appropriate & competitively priced products, as opposed to only being able to get advice & products directly from banks and manufacturers
- Ensure consumers continue to have Choice when choosing an adviser (Independently owned or Institutionally owned)
- Ensure All Australians have access to affordable protection products with competitive benefits and advice
The Action Required:
- To stop current legislation being passed pending senate enquiry
- Full senate enquiry into the misrepresentation of the Life Insurance industry bodies to government in developing the Life Insurance Framework.
- To ensure that the Government has complete, accurate, objective and factual information that is an accurate representation of the industry (sourced from consumers, advisers, APRA, ASIC, FOS and all other bodies) before making any changes
- That a complete & thorough consumer impact study is conducted by an independent organisation.
- Review the actual impact and costs to consumers; should commissions be reduced or banned, therefore seeing consumes having to pay fees and premiums.
- Review the actual impact and costs to consumers; that may be required to source their protection from “group” or “Direct” policies (which generally have more exclusions, reduced benefits and can cost up to 50% more), over “Retail” Polices (which are generally fully underwritten, have fewer exclusions and provide better benefits).
We need to ensure our voices are heard and we need your support.
IT IS OUR LAST CHANCE TO TAKE A STAND FOR OUR CUSTOMERS, FOR CONSUMERS AND OUR INDUSTRY.
IT IS IMPERATIVE YOU COMPLETE THE PETITION BELOW, BEFORE IT IS TOO LATE, TO ENSURE A FULL SENATE ENQUIRY INTO THE LIF AND ITS UNINTENDED CONSEQUENCES:
If you don’t agree that the current LIF will benefit consumers, improve quality of advice, enhance competition and provide affordable protection to Australian families JOIN THE PETITION NOW and have your say!!