What is the Life Insurance Code of Practice?

I’m always happy to pass on great info, and this is great info! I’ve included a few snippets below lifted from the full article.

This may be particularly important when it comes to the service you receive when making a life insurance claim, as it can be an emotional and difficult time.

What is the Code?

The Life Insurance Code of Practice requires providers of life insurance to deliver certain standards of service to their customers – for example by keeping you informed if your policy changes or about the progress of a claim.

The Code was developed by the Financial Services Council (FSC), a body representing over 100 financial service providers in Australia, and according to them, it’s designed to protect consumers by:

• Promoting high standards of service to consumers
• Providing a benchmark of consistency within the industry
• Establishing a framework for professional behaviour and responsibilities

What products are covered by the Code?

The Code covers life insurance policies issued in Australia. The Code’s definition of ‘life insurance policies’ is quite broad and includes:

• term life insurance/death and terminal illness
• total and permanent disability (TPD)
• trauma/critical illness insurance
• disability insurance
• funeral insurance

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on (07) 3243 0000.

Thanks,

Mark