Advice

Income Protection Contract Term Extension Income Protection Contract Term – APRA Gives Insurers One Year Extension The corporate regulator (APRA) has given life insurers another year to find a workable solution around applying maximum five-year terms for income protection insurance contracts. The change expected to come into effect from 1 October 2021 has now been … Read more

Upcoming Changes To Individual Income Protection Policies The Australian Prudential Regulation Authority (APRA) has continued its intervention into the Life Insurance industry due to heavy losses incurred from Income Protection policies. Life insurers have lost a combined $3.4 billion over the past 5 years through the sale of Income Protection products to individuals. One major … Read more

No More Agreed Value Income Protection Policies In April 2020, we saw a major change hit the Life Insurance Industry. The Australian Prudential Regulation Authority (APRA) decided to intervene after $3.4 billion plus of losses imposed by insurers from Income Protection products over the proceeding 5 years.  APRA’s concerns were over the sustainability of Income … Read more