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Life Insurer TAL Record Payout

    New figures show that Australia’s leading life insurance specialist TAL paid out more than $843 million in claims last year, a massive increase of 45% over the previous year’s payout of $580 million. Of the different forms of life insurance, those taken out to help people while still living account for the majority of the payments, while a payment in the event of death now accounts for just 47.5% of

The Hidden Economic Burden of Chronic Illness and Disability on Australian Households

     In the latest Medical Journal of Australia a perspective by Stephen Jan, Beverley M Essue and Stephen R Leeder discusses the hidden economic burden of chronic illness and disability on Australian households has been highlighted. The review found that 11% of bankrupts in 2009 cited ill health or absence of health insurance, in a study of patients with chronic obstructive pulmonary disease (COPD), 46% of patients experienced an incidence of catastrophic health care spending — defined as out-of-pocket costs exceeding 10%

Life Insurer TAL enjoy growth

Life insurance risk market inflows climbed 10% in the 12 months to June 2011 from $8.9 billion to $9.8 billion with TAL, Zurich and AIA recording the three highest inflows. Group risk had a rougher year with mixed results. According to Plan For Life research released today, all of the main risk market players reported higher inflows including TAL with

Most Australian parents are hopelessly under-insured

Research studies continue to point to the fact that Australians are under-insured, especially when it comes to life insurance. The stats reported by James Dunn in the Australian are alarming. For example: 1) The Financial Services Council points out that only 5% of parents living in Australians with dependent children have “adequate levels” of life insurance cover. 2) For those that have insurance cover, insurance industry studies have revealed a

AXA updates insurance products

Insurer AXA Australia has updated it’s already award winning insurance product AXA Elevate, to address longevity by focusing on income protection and trauma plans. AXA Head of Individual Life Insurance Stephen Rosengren said upgrades to income protection; life, trauma and TPD products mean AXA can offer clients an even more comprehensive and competitive insurance solution. Rosengren said, “As we have seen with the development of our North products, the need to address

AIA awarded Sunsuper mandate

AIA Australia has confirmed its position as Australia’s largest group insurer according to Rainmaker Information. This comes after AIA finalised a $160 million contract with Sunsuper. The insurer won the mandate based on its competitive price and ability to meet the fund’s new model requirements. Sunsuper has been working on a new insurance service model, which includes life stage and age-based insurance options. Replacing Suncorp Life, AIA will provide death, disablement and income protection insurance cover to over one million

MLC improves insurance cover

MLC has enhanced their insurance products to help their customers keep their insurances on a par with inflation, provide improved protection for total and permanent disability and better income protection. However, by selecting these new options, premiums may change. How to keep up with inflation: If you choose this option, your insurance will stay in line with inflation for the following insurances through MLC Life Cover Super and Personal Protection Portfolio: a) MLC Life Cover, b)Total and Permanent Disability (TPD) and

Macquarie Life aims to revolutionise Australian life insurance

Insurance News .com.au reports that “Macquarie Life hopes to revolutionise the Australian insurance industry with its new policy combining life, trauma and total permanent disability (TPD) cover, as well as a range of additional benefits.” Macquarie Life Active product will apparently also help to tackle Australia’s underinsurance problem by providing “a flexible, easy to understand policy delivering clear benefits throughout an individual’s lifetime.” The policy offers extra benefits of health events cover, which includes more medical conditions than traditional trauma and TPD

Financial reforms welcomed by AMP

AMP Limited says it welcomes the Future of Financial Advice reforms announced by Minister for Financial Services, Superannuation and Corporate Law, the Honourable Chris Bowen. AMP Financial Services Managing Director, Craig Meller, said AMP is supportive of government’s steps to increase consumer confidence in the financial services industry. AMP also recognises the government has undertaken a series of comprehensive reviews providing the opportunity for the financial services industry and consumers to contribute to this important debate. “Many Australians seek advice on fundamental life decisions

Who is Ausure Insurance Brokers?

Ausure Insurance Brokers has tripled in the past 18 months to include over 240 Authorised Representatives who are positioned throughout Australia to provide clients looking for insurance with localised, personal and proactive service. The Ausure Group Head Office is based in Cardiff, New South Wales and operated by Chairman Wayne Brown, Managing Director Troy Brown, Operations Manager Graeme Lilley and Business Development Manager Trent Brown. Ausure Insurance Brokers received the award for the Fastest Growing Financial Services business with headquarters

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