Note from the Editor - October 2020

  • Newsletter Article
  • Published 19.10.2020

Ok, let me get this straight, the regulator is now calling out life insurers for being too generous with its IDII products (APRA on IDII cover)? Hardly consistent with the sharp behaviour a few voices still like to associate with life insurers. Of course what it does demonstrate is that life insurers overwhelmingly are driven to build products which delight their customers. Some reboot is obviously necessary here and that will occur, but in the meantime, let’s not forget just how much IDII has done for sick and injured customers to date and how much, IDII done the Australian way, resonates with those who seek to financially protect their loved ones in times of sickness and injury.

Speaking of IDII, we were so thrilled to host a record turn-out at our Spring Life Matters Webinar earlier this month when our life experts, Sandra Nicola and Michael Iacuzzi, broke down the role of offset clauses. We didn’t have time to answer all of your great questions but please, reach out to Sandra (sandra.nicola@turkslegal.com.au) or Michael (michael.iacuzzi@turkslegal.com.au) if you have any queries about this topic, which seems to perennially be a source of controversy. Also, stay tuned for details of our final Life Matters Webinar, to be held later this year.

I hope you enjoy our third edition of the Bulletin for 2020. We talk about a recent avoidance case (yes this remedy does still exist!), another AFCA trauma decision as well as decisions touching on those niggling technical issues you may have missed, that I think you may find interesting. Finally, Peter Murray has an interesting piece on the recent Actuaries Institute paper on IDII.

As always, we love your feedback so reach out to your favourite Turks life expert if you have any queries. 

See you next time.

Alph Edwards

Partner

P: 02 8257 5703

Email Alph