Life Insurers Aim for Harmony with Financial Advisers

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Council of Australian Life Insurers (CALI) has reaffirmed that their primary focus is not to compete with financial advisers but to enhance the existing services in the life insurance sector.

Christine Cupitt, the Chief Executive of CALI, asserted during a Senate Economics Legislation Committee hearing that the distinction between life insurers' advice and financial advisers’ roles will be maintained and clarified.

"Our goal is to supplement the crucial and invaluable work done by financial advisers rather than obstruct it," Cupitt shared with the committee.

She elaborated on CALI's collaboration with the Federal Government, emphasizing the need for legislative frameworks that would permit life insurers to dispense straightforward product-specific advice to customers upon request.

"Naturally, this should be governed by stringent constraints and robust consumer protections," Cupitt added.

Cupitt stressed the importance of not diverting potential customers who call their service centers with basic questions, pointing out that delivering simple and direct answers is an essential element of customer service.

"For clients presenting more complex needs, life insurers will continue to refer them to financial planners capable of offering comprehensive advice, including product comparisons across the market," Cupitt said.

Christine Cupitt’s statements, as reported by Financial Standard, clarify that while the CALI seeks to provide fundamental, product-specific guidance to customers, they have no intentions of encroaching on the advisory space traditionally held by financial advisers.

Published:Saturday, 15th Jun 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Surge in Mental Health Claims Reshapes Australia's Life Insurance Landscape

26 Jan 2026: Paige Estritori

Australia's life insurance sector is witnessing a significant transformation, with mental health conditions emerging as the predominant cause of Total and Permanent Disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health-related TPD claims now constitute nearly one-third of all such claims, highlighting a profound shift in the factors leading Australians to exit the workforce permanently. - read more

Australian Life Insurers Report Significant Profit Growth in FY25

26 Jan 2026: Paige Estritori

The Australian life insurance industry has reported a remarkable financial turnaround in the fiscal year 2025, with earnings more than doubling to $360 million, according to the latest figures from the Australian Prudential Regulation Authority (APRA). This 210% increase in profit after income tax marks a significant recovery from previous years' losses and underscores the sector's resilience and adaptability. - read more

Australia's General Insurance Industry Achieves Record $6.1 Billion Profit in 2024

26 Jan 2026: Paige Estritori

Australia's general insurance sector has reported an unprecedented after-tax profit of $6.1 billion for the year 2024, according to KPMG's General Insurance Insights report. This figure is three times higher than the five-year average of $2 billion, marking a significant milestone in the industry's financial performance. - read more

Australian Insurers' $6.1 Billion Profit Sparks Affordability Concerns

26 Jan 2026: Paige Estritori

In 2024, Australia's insurance industry reported an after-tax profit of $6.1 billion, a significant increase from the five-year average of $2 billion. This surge in profitability is attributed to substantial premium hikes and a year with fewer severe weather events. - read more

Click for more Insurance News

Business Insurance Articles

Understanding Liability Insurance: A Must-Read for Australian Small Business Owners

Liability insurance is a form of insurance designed to offer protection against claims resulting from injuries and damage to people or property. It covers legal costs and any payouts for which the insured party would be responsible if found legally liable. Intended to protect against claims resulting from injuries and damage to other people or property, liability insurance is critical for small businesses as it shields them from potentially crippling legal expenses. - read more

Professional Indemnity vs Public Liability: What's the Best Choice for Your Small Business?

As a small business owner, understanding the intricacies of liability insurance is pivotal to safeguarding the fruit of your hard work. Insurances such as professional indemnity and public liability are not just safety nets; they are vital components that can mean the difference between bouncing back and closing down following unforeseen legal hurdles. - read more

The Importance of a Custom Risk Management Plan: A Guide for Australian Entrepreneurs

In the fast-paced world of entrepreneurship, the only constant is change, and with change comes the inherent realm of the unknown – risk. Australian entrepreneurs, much like their international counterparts, operate in dynamic environments where unpredictability is a staple. However, the unique economic, legal, and environmental aspects of Australia demand a more localized understanding of these risks. Acknowledging this unpredictability is the first step towards mitigating potential threats to one's business venture. - read more

Liability Risks: What Small Businesses in Australia Should Know

Welcome to our comprehensive guide on liability risks for small businesses in Australia. The world of business is fraught with challenges, and one often overlooked aspect is the array of potential liabilities that can stifle growth or even lead to catastrophic financial loss. It's crucial for small business owners to grasp the critical role that insurance plays in the protection and longevity of their ventures. - read more

Start Here !

Knowledgebase

Public Liability Insurance:
Insurance which provides protection against liability to third parties.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.