Comments on: Cost-of-living sees life insurance become collateral damage

By: Sunny Jim

Sunny Jim — Fri, 31 Jan 2025 03:24:41 +0000

And they laughed at us oldies wise enough to include some capital guaranteed whole of life insurance in our portfolio. Accountants said cash it without understanding the longevity of the product. And the rush to create “car” insurance type life products that have increased premiums with age and have no asset value was a real god-send for product manufacturers, wasn’t it? Oh, and reduce commission rates to advisors to lessen premiums that was never passed on to consumers. Add to that a bureaucracy that never has and still doesn’t understand that insurance has to be sold. This lead to the urban myth, “my super covers that”! Sigh

By: Greedy, Corrupt Morons

Greedy, Corrupt Morons — Tue, 28 Jan 2025 20:58:14 +0000

3 reasons Life Insurance is dying in Australia.
– LIF has seen premiums jump 100% in 5 years. And Advisers are not paid enough to try to write Life Insurance.
– FARSEA killed 45% of Advisers in last 5 years and a much higher percentage of Risk only older Advisers. Not enough Advisers to write new Life Insurance business.
– Combination of LIF & FARSEA has created a Life Insurance death spiral of ever increasing excessive premiums charged to smaller numbers still insured, that then reduce or cancel policies on mass to accelerate the death spiral.

Great job Life Insurance Co’s & Govt for this self created disaster. NOT