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Thanks for pointing this flaw out Andrew, well stated. From 29 years of experience we have had a very good claims track record with most insurers going out of their way to assist claimants, and this has been greatly appreciated. But of course this is retail (the bad insurance people). Not!
Seems to me that the Elephant in the room strolled into town when industry super fund begrudgingly had to offer insurance to members, and then it was a poultry $50,000 death only which gradually decreased as you became older, (why?).
Now this has changed and members can increase the cover but only in units representing $30,000 or $50,000 amounts (why?) But now because of these changes, FOFA included, it looks to me that the miss-pricing of risk premiums and the providers race to the bottom to gain market share, has back fired big time and now they are trying to get the members to pay for it and have used the Australian Prudential Regulator report into the solvency of these insurers as an excuse to hike premiums, we had one case where one group insurer tried to jack up a clients premium by 100%. That action has seen a push back by members back into retail and so now they are trying to screw advisers. How's that for unfettered market manipulation with the full agreement of the federal Government's blessing. This is shameful, disgraceful behavior and I would advise any person thinking about a professional career in financial planning to think twice and look at another profession without the crap we are expected to just accept without questioning.