We are committed to ensuring continuity of key industry standards as we transition our industry association membership from the Financial Services Council to the Council of Australian Life Insurers. This transition will have no impact on how we serve and support our customers and we will continue to be bound by the Life Insurance Code of Practice and relevant standards.
When you take out life insurance, it’s important that you get the highest standards of service in all your dealings with us.
That’s why we have adopted the Life Insurance Code of Practice. It’s the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you, our customer.
What does the Life Insurance Code of Practice cover?
The Code sets out the life insurance industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their life insurance services, such as being open, fair and honest. It also sets out timeframes for insurers to respond to claims, complaints and requests for information from customers.
The Code covers many aspects of your relationship with us, from buying insurance to making a claim, to providing options if you experience financial hardship or require additional support. It is monitored by an independent committee, to ensure effective compliance by life insurers. Insurers can be sanctioned if they do not correct breaches of the Code.
Key Code Promises
- We will be honest, fair, respectful, transparent, and timely when we communicate with you, and we will use plain language unless medical or other technical terminology is needed.
- We will ensure our staff and Authorised Representatives use appropriate sales and retention practices.
- We will offer extra support if you have trouble with the process of buying insurance or claiming.
- If we find that a sale was made using unacceptable sales practices, we will fix it, for example by issuing a refund or replacement policy.
- When you make a claim, we will explain the process and keep you informed about our progress assessing it.
- We will decide on your claim within the Code’s timeframes. But if we cannot, we will explain why and tell you how to make a Complaint.
- If we decline your claim, we will explain why in writing and let you know what to do if you disagree.
- We will restrict the use of investigators and Surveillance to preserve your right to privacy.
- The independent Life Code Compliance Committee (Life CCC) will monitor our compliance with the Code.
- We will be accountable for Code requirements, and the Life CCC can sanction us.
Getting a copy
You can get a copy of the Code here and a full list of the insurance companies it covers on the CALI website.