LIFE INSURANCE POLICY OVERVIEW
The FSC supports policy setting principles that:
• Increase consumer trust and confidence in the life insurance industry
• Ensure life and risk insurance is accessible and affordable
• Promote the benefits to consumers of providing group insurance superannuation
• Enable greater product innovation to occur
• Support positive mental health
LIFE INSURANCE CODE OF PRACTICE
The Life Insurance Code of Practice sets important benchmarks to ensure that people can take out life insurance with the confidence that, if the time comes, their life insurer will be there to support them. Covering all aspects of life insurance, Life Code subscribers have made commitments over and above what is required by the law.
More information on the Life Code can be found here.
MORATORIUM ON GENETIC TESTS IN LIFE INSURANCE
The Moratorium on Genetic Tests has been in place since July 2019. It allows Australians to take out life insurance benefits up to prescribed limits without having to disclose an adverse genetic test result.
The moratorium has been extended indefinitely and is now included as an appendix to the Life Insurance Code of Practice.
Key facts about the moratorium can be found here.
Executive Director of Policy and Advocacy