NIBA submission on inquiry into life insurance

NIBA’s has made an official response to a Parliamentary Joint Committee on the Inquiry into Life Insurance Industry.

The submission has called for areas of concern to be carefully identified and investigated taking into account various distribution models, for the factors relating to them to be identified and options for addressing gaps to then be determined.

Life insurance policies are not the same. There can and will be wide variation between policies regarding the nature and level of cover offered by the policy.

NIBA believes that unless the consumer is very familiar with the nature of life insurance cover, they should be strongly encouraged to seek professional advice from an experienced life risk
broker, to ensure the cover they are seeking will actually meet their needs and circumstances, and is the most cost effective insurance cover available in the market.

The life risk broker will also take steps, for and on behalf of the client, to make sure the life insurance company honours its promise and fulfills its commitment under the policy. After all,
it is the obligation of the insurance company to meet its contractual obligations under the terms of the policy.

You can access the entire submission via the NIBA website here.