IOOF signs new insurance contract
TowerAustralia has been reappointed to provide insurance cover and salary continuance across all IOOF superannuation products.
The insurance will be available on the fund manager’s LifeTrack, IPS and Pursuit platforms.
The new term will last for three years, with rates fixed until October 2010.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
