Income Insurance Australia :: Podcasts

Income Insurance Australia Weekly News insights

Each week, we sift the Australian income protection landscape: policy and regulation updates, insurer moves, claim trends, and workplace risk stories. Get clear, plain-English takeaways, myth-busting context, and what changing rules may mean for employees, sole traders, and gig workers. It’s a trustworthy, industry-specific news wrap to keep your household income know-how sharp without the jargon. Expect concise interviews and pointers to credible sources so you can stay prepared.

This Week:

This week: the life insurance code monitor reports a sharp rise in late income protection payments despite fewer overall breaches; an AFCA ruling shows older policy definitions can help a claim; the ACCC clears Zurichs acquisition of ClearView; and the Government updates its two‑year regulatory roadmap. Takeaways: set realistic waiting periods, keep documents current, confirm which policy definition applies, and review cover annually as rules evolve. Visit income-insurance.com.au for guides and a free assessment.

Read Full Transcript:

Hello and welcome to Income Insurance Australia Weekly News insights, Im Paige Estritori, and its Sunday, 17 May 2026. First, the Life Code Compliance Committee – thats the industry body monitoring life insurers – reports breaches tied to on‑time income protection payments jumped by about two‑thirds in 2024–25, even as overall breaches fell. Delays were often linked to human error and resourcing. For workers and sole traders, its a reminder that claims can still take longer than expected. A simple step is to choose a waiting period you can realistically fund, keep medical and income documents current, and follow up in writing if an ongoing benefit is late – the code expects payments by the due date or within five business days once information is complete. Next up, an Australian Financial Complaints Authority decision – AFCA for short – shows older policy definitions can change an outcome. A heart‑related claim linked to an income protection policy was initially declined under a stricter, newer wording; AFCA applied an earlier definition attached to the customers contract and ordered payment with interest. If youve held cover for years, keep copies of your original schedule and ask which definition applies at claim time. It can make a real difference. Meanwhile, the competition watchdog – the ACCC, or Australian Competition and Consumer Commission – has cleared Zurichs acquisition of ClearViews life business. The regulator says competition in the retail advice market will remain. If you hold a ClearView or Zurich policy, expect continuity while the shareholder vote happens later this year. Its still a good moment to check your benefit period, waiting period and whether your cover is agreed or indemnity. Also this week, the Government released its updated Regulatory Initiatives Grid – a two‑year roadmap. It highlights several insurance‑specific projects and many more that touch advice, super and payments. For households and self‑employed clients, that means more refinements to product design and claims standards ahead. Reviewing your cover annually keeps you aligned as rules evolve, and helps ensure your benefit and waiting periods still fit your cash‑flow buffer. Thats the wrap. For plain‑English guides, comparisons and a free income insurance assessment, head to income-insurance.com.au. Im Paige Estritori – thanks for listening and stay well this week.

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