Rethinking insurance

Certainly "the value of quality advice" argument comes in loud & clear here! Surely we can push the envelope on making it easier for advisers to provide quality "risk insurance" advice & making it easier in turn for the community to receive advice without the lengths we go to now with compliance etc. Perhaps a discussion around tax deductibility on Trauma insurance & a limited advice (basic SOA) for premiums say under $3K/year per individual. Personally I have managed 7 Trauma claims so far this year & I have referrals coming out my ears but getting to the smaller clients is taking far too long with the process & compliance issues involved in providing "basic advice" on Risk & following through with lengthy SOA's which clients do not read-nor understand anyway. Here is an opportunity for the industry to push the value of quality advice & what difference it makes to the Australian family, the community & ultimately the Government coffers once a claim is paid on someone who is adequately insured!

In my view allowing government to get into any commercial activity is a recipe for disaster - too inefficient. I deal with many smaller clients and they find it extremely easy to put their insurance into super - especially via Group Life Plans. Of course, this is the first thing challenged by Cooper - he wants to eliminate adviser comms on insurance in super - an incredibly ill-informed decision. Let's take the easiest, most affordable method of insuring large numbers of Australians and eliminate the advice process - well done Jeremy! I agree with Jason. We should eliminate red tape, simplify the advice process, not challenge adviser comms, reduce tax, educate consumers about insurance in super and allow trauma payouts from super funds. The mechanism to get Australians insured quickly is already there. We just need government to stay out of it and allow the process to unfold. This requires consumer (and employer) education about the benefits of insurance inside super - especially Group Life plans.

This is a good read.I find this topic very interesting.Hoping to see more comments from others about this topic.Thank you for sharing this blog.I'll be right back.Cheers!