Australians to gain more life insurance advice options

Over a quarter of Australians thought about getting advice, but have not acted upon it.

The Council of Australian Life Insurers (CALI) embraced the first tranche of the Federal Government’s Delivering Better Financial Outcomes reforms.

“The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill will give Australians more choice when it comes to getting advice about their life insurance needs. It will also back in the vital work of financial advisers across the country and help reduce red tape,” the CALI said in a statement.

The CALI also revealed that independent research results found over a quarter of Australians considered getting financial assistance on life insurance in the past three months. However, these individuals did not act on this aspiration.

The Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill aims to increase Australians' options for life insurance advice whilst supporting the crucial role of financial advisers nationwide and cutting bureaucratic hurdles.

Christine Cupitt, CEO of CALI, described the bill's passage as an initial stride towards addressing Australia's advice accessibility crisis.

Expanding affordable advice options for Australians is seen as empowering them to make informed choices for a secure and confident future, according to Cupitt.

CALI anticipates collaborating further with the Federal Government on subsequent financial advice reforms to broaden consumer choices without additional costs.