Life insurance news and advice

The number of people planning to renew their life insurance policies has jumped from one in three to 50% of policyholders over the last year.

The Australian Securities and Investments Commission (ASIC) is urging 40,000 Australians who bought life insurance through the formerly ANZ-owned OnePath to apply for refunds.

Understanding life insurance is certainly not for the faint of heart. There are so many different terms to wrap your head around, not to mention the choice between superannuation life insurance and standalone cover. 

While the NSW and Queensland floods are now at bay, many residents are still feeling the flow-on effects of the disaster. The NSW SES alone responded to over 12,000 requests for help and conducted more than 1,000 direct flood rescues.

Besides not being a typical cup of tea topic, life insurance can also be very confusing. But it's also very necessary for a number of Australians, especially for those who earn the highest income in their family.

Like many things in life, you can’t plan for everything and if you’re shopping around for life insurance to protect yourself and your family from the unexpected, then you’ll want to make sure you’ve considered all the factors when choosing the cover that is right for you.

Life’s too precious to take shortcuts when it comes to life insurance, so taking the time to find the right policy is an absolute must. For many Australians though, comparing life insurance can be confusing and it's often difficult to know how to assess one policy against another or what levels of cover you really need.

Looking for deets on the best life insurance and income protection in 2021? Check out all the winners in the 2021 Mozo Experts Choice Life Insurance Awards, and find out why NobleOak was one of only two insurance providers to take home an award for Exceptional Quality Income Protection.

The Australian Prudential Regulation Authority (APRA) has announced it will recommence reforms of individual disability income insurance (IDII).The intervention into IDII, otherwise known as income protection insurance, began in December 2019 but was put on hold in response to the global pandemic. 

Longstanding superannuation fund Equip Super will change how it manages life insurance from 1 October, 2020.Equip chief member officer, Tania Cumming said the changes will focus on increased flexibility and member input.“In reviewing insurance products and talking to our members, they were clear that they wanted insurance that responded to their lifestyle needs. And critically, they wanted us to deliver these options to them rather than them having to construct it themselves,” Cumming said.While some members will see their life insurance premiums increase, Cumming said the changes are designed to meet long-term needs.“Key to getting this right is working to ensure that our insurance products align to members’ lifestyles and financial aspirations as well as offering long-term value, rather than short-term changes. It is important that we take a balanced approach that is both affordable and sustainable.”