With all the changes in the insurance and financial advice industry we thought it was important to keep you updated.
What is happening in the market
What was the impact of this?
New income protection policies are not a patch on those available over the last 20 years and further change is coming.
The last two years has seen the primary targets of the royal commission (THE BANKS) exit the financial planning and life insurance industry.
I can understand why the consumer and the regulator had issue with them given often financial advice was nothing more than product advice and there were significant conflicts when you own the product, you are giving financial advice on!
As a result of this, there has been significant consolidation with several insurers selling out
- ANZ sold OnePath to Zurich,
- Suncorp sold Asteron to TAL,
- NAB sold MLC to IOOF
- Macquarie sold their life insurance division to Zurich
- CommInsure was sold to AIA
What does this mean for you?
If you currently hold policies, then potentially they are better than what will be available to you if you were to change.
That said we need to manage your cover and costs now more than ever
As a result, it pays to look at what cover you do need when renewals roll through, we can make sure we maintain good quality cover at the best price considering the right structure from a tax perspective
As always, we are here to look after you and your insurance needs so call us on 03 9214-4100 if we can be of assistance.
