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please select your product from the list below.
Providing Certified ID just got easier!
As we continue to embrace digital solutions to assist us in our day-to-day activities, we have started trialing the use of GreenID. This is an easy to use solution for your clients to provide us with their certified identification (ID), to meet Australia’s anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
This process is known as Know Your Customer or KYC for short.
Note: Certified ID still needs to be posted to us for companies, business entities and trusts.
When is posted copies of certified ID required?
Certified ID is required when your client is either withdrawing money or when there is an alteration request made on their account, such as (but not limited to):
• Withdrawal of funds
• Transfer of ownership
• Making a claim.
What ID is acceptable for Green ID submissions?
Your client can submit up to 4 documents from the list below:
• Driver’s licence
• Medicare card
• Centrelink card
• Australian passport
• Australian visa
• Australian citizenship certificate
• ImmiCard
• Birth certificate
• Change of name certificate
• Marriage certificate
• Australian electoral roll.
How does Resolution Life contact your clients for GreenID?
• Eligible customers will receive an SMS or email inviting them to complete their KYC online via a secure online link.
If you receive an SMS, the sender will appear as Resolution.
If you receive an email, the email will come from noreply@resolutionlife.com.au
Example of what a GreenID link will look like: www.gbgid.me/f1pbMDky or www.gbgid.me/Sj27Vjj.
Your client will receive their own unique link to verify their identity, but each link will always start with www.gbgid.me.
Note: The GreenID link is valid for 14 calendar days from the day it is received.
• Your client will need to submit the required 2-4 documents into GreenID.
• If the documents are accepted, Resolution Life will receive verification instantaneously and will action your client's request (i.e., their withdrawal)
• If the verification is unsuccessful, needs further review or doesn’t meet GreenID’s requirements (e.g., a client's surname differs on their submitted documents compared to our files), then the existing process will be followed (i.e., a request for posted certified ID will be sent to the client).
• Further, if your client is unable to verify their identity online with GreenID, then they will need to complete our paper form and send through their Certified ID via post. Your client can download a copy of the form from Find a form.
• If you would like more information about GreenID, you can chat with us directly via the chat function in the bottom right-hand side of the screen.
Increase to the interest rates on policy loans and overdue premium debt
Resolution Life has recently reviewed the interest rates charged for Australian Conventional policy loans and overdue premium debts on policies.
Effective from August 2024, the interest rates will increase. Please refer to the table below:
| Effective date of change | Interest rates on policy loan or overdue premium debt | Interest rate FROM (per annum) | Interest rate TO (per annum) | |
| Conventional (ex-AMPL and ex-NMLA) | 1 August 2024 | Overdue premium | 5.25% | 6.50% |
| 15 August 2024 | Policy loan | 8.00% | 8.50% | |
| Conventional (ex-NMLA) super tax policy loan | 15 August 2024 | Policy loan (super tax) | 6.80% | 7.23% |
This interest rate increase reflects the current market interest rates and economic conditions.
What does this mean for your clients?
With the change in the interest rate, your client may want to consider commencing or adjusting their payments to reflect this change, and can do so using the following options:
1. Speaking with their financial adviser
2. Logging into My Resolution Life and starting an online chat with us.
3. Completing the online enquiry form or
4. Contact us via the Contact us page (and quoting their policy number).
Important: the debt on the policy will grow over time if there is no adjustment made to the repayment amount to reflect the change in interest rate, or if there are no repayments made to reduce the policy loan or overdue premium debt.
This may result in the debt reaching a level that exceeds the policy surrender value, which would see the policy and the insurance benefits cease.
For more information on the policy loan and/or overdue premium debt, your client can refer to their payment notices and/or statement.
Future interest rate changes
The interest rate charged for policy loans and overdue premium debts on policies is set by Resolution Life and is subject to change from time to time.
Current interest rates can be found at resolutionlife.com.au/resolution-life-conventional-products.
Advisers and their clients will continue to be notified of any future increases to the interest rates, including the date the new interest rates takes effect.
Reminder: How Resolution Life engages with Financial Advisers on a claim
In response to feedback received from Advisers, Resolution Life has made important updates regarding the validity period of our Customer Authorities form.
These changes are designed to improve transparency, streamline processes and ensure compliance with privacy regulations.
Below are the key updates:
1. Expanded consent scope
• Our Authorities form now retrospectively grants consent for Resolution Life to disclose and collect information from your client’s financial Adviser and relevant staff within the Adviser’s business. Previously, staff members were not explicitly covered by the authority.
• All claims submitted since February 2022 should already have this extended authority on file. If an older Authorities form lacks this updated consent, we will promptly issue an updated form upon request.
2. Extended validity period
• Starting May 2024, the requirement to submit a new Authorities form every 12 months has been eliminated. Instead, the authority remains valid for the duration of the specific claim for which it was provided.
• This change has been applied retrospectively to all previously received Authorities forms. Regardless of issuance date or signature, there is no expiry applicable to any Authorities form held on file.
• Importantly, the Authorities form remains “claim specific.” Your client can grant consent for Resolution Life to collect and disclose information solely related to the specific claim covered by the authority.
• From May 2024, the authority now includes representative(s) and relevant staff from the legal representative’s firm.
3. Adviser Responsibilities
When lodging claims on behalf of your client’s, Advisers and their staff must:
• Identify the Adviser: Clearly specify the Adviser associated with the policy and confirm the Adviser code.
• Customer identification: Adhere to our requirements for accurately identifying the customer.
• Confirm express consent: Ensure that the customer has provided explicit consent for the collection, sharing and disclosure of personal (including sensitive) information, that aligns with our Privacy Policy.
Important – Once this information is confirmed, we can provide Advisers and their support staff with details about the claim.
The Customer Authorities form can be accessed via the Find a Form tab. When searching for the form, the option for:
Step 1 - is Make a claim
Step 2 - Select your product.
The form is displayed as Authorities – Claim (Form 08340_RL).
These updates reflect our commitment to maintaining strong relationships with Advisers, protecting customer privacy and facilitating efficient claims processing.
If you have any questions or need further clarification, start an online chat with us via the portal.
What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.
