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: AFCA backs an ASIC‑approved, enforceable Life Insurance Code, with the review due by 30 June. A new AFCA ruling underscores the high bar for TPD benefits under activities‑of‑daily‑living definitions. ASIC cautions consumers about financial lead generators and high‑pressure sales tactics. For sole traders, MYOB will switch on Open Banking bank feeds from 1 March, promising cleaner data and easier record‑keeping that can support income verification. Practical tips focus on checking policy definitions, claims processes, and using accredited channels when seeking cover.

Read Full Transcript:

Hello and welcome to Income Insurance Australia Weekly News insights, Im Paige Estritori, and its Sunday, 22 February 2026. First, Australias dispute body AFCA — the Australian Financial Complaints Authority — has urged that the Life Insurance Code be approved by ASIC, the corporate regulator, and made enforceable. AFCA says formal approval would send a strong signal and give people a clearer path to hold insurers accountable for code breaches, with a review due to report by 30 June. Why it matters: stronger standards can mean clearer claims handling for income protection and disability cover. Practical tip: check your policy documents are up to date, and if youre buying new cover, ask how the insurer applies the Code to claims and complaints. Next up, a fresh AFCA case highlights how high the bar is for total and permanent disability, or TPD, benefits. A worker with post‑concussion syndrome was found not to meet a policys activities‑of‑daily‑living test, despite serious symptoms. The decision shows definitions and evidence make or break outcomes. If TPD is important to you, review the exact definition, waiting period and benefit period in your policy, and keep thorough medical records. Meanwhile, ASIC — the Australian Securities and Investments Commission — has warned consumers to be cautious when dealing with financial lead generators. The regulator has published a list of businesses its reviewing and says inclusion isnt proof of wrongdoing, but you should watch for high‑pressure sales and unsolicited calls. For insurance shoppers, that means getting quotes through accredited channels and choosing providers that explain fees, features and exclusions in plain English. For self‑employed listeners, Open Banking is about to get more useful. From 1 March, MYOB will make Open Banking the default connection for bank feeds across its SME platforms, using Consumer Data Right technology so you control who sees your data. Faster, cleaner transaction feeds can help you manage cash flow and keep records tidy — which can also make income verification smoother when applying for, or claiming on, income protection. Thats the wrap. If you want help comparing cover, understanding waiting and benefit periods, or getting your questions answered quickly, head to income-insurance.com.au for a clear, no‑pressure starting point.

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