A significant portion of Australians have contemplated seeking financial advice regarding life insurance but have yet to take action. The Council of Australian Life Insurers (CALI) has welcomed the initial phase of the Federal Government’s Delivering Better Financial Outcomes reforms.
In a recent statement, CALI expressed its support for the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill, which aims to offer Australians more flexibility in obtaining advice on their life insurance requirements. The bill is also poised to bolster the pivotal role of financial advisers nationwide while streamlining regulatory processes.
According to CALI, independent research indicates that more than a quarter of Australians have considered seeking financial guidance on life insurance in the past three months but have not followed through with their intentions.
Christine Cupitt, CEO of CALI, characterized the passage of the bill as an initial step towards addressing Australia’s accessibility challenges in financial advice. She emphasized that expanding affordable advisory options will empower Australians to make well-informed decisions, promoting a secure and confident financial future.
Looking ahead, CALI anticipates continued collaboration with the Federal Government on future financial advice reforms aimed at enhancing consumer choices without increasing financial burdens.
