It's funny to see how the greed of the life insurers is coming back to bite them. They pushed the churning myth to push an agenda of reducing upfront commissions, which in turn they pocketed and did not pass onto to the clients. Now they have already seen a reduction in their insurance products being sold and know that if commissions are completely removed they will have no new business at all. The direct insurance markets was all but killed by the royal commission so they know this isn't a solution. So advisers are now asked to work for less, clients are charged more for insurance and it is only when insurers feel some pain that it is an important issue that everyone has to work together to fix.
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