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Change to adviser renewal commission statements

Due to a recent system change, additional information will now be available on the adviser commission statement. 

Previously when a premium payment for an AC&L policy renewal had dishonoured, the dishonour did not appear on the statement. Moving forward this information will now appear on the statement as a credit followed by a debit (claw back) of renewal commission.  

Please note there is no change to the amount or frequency of when adviser renewal commissions will be paid. 

If you have any questions regarding the above change, please email day2financeprogram@resolutionlife.com.au 

Increase to the interest rates on policy loans and overdue premiums

Resolution Life has recently reviewed the interest rates charged for AU Conventional policy loans and overdue premiums on policies.  

Effective from August 2023, the interest rates will increase. Please refer to the table below: 

 

Effective date of change 

Interest rates on policy loan or overdue premium 

Interest rate FROM (per annum) 

Interest rate TO (per annum) 

AU Conventional (ex-AMPL and ex-NMLA) 

1 August 2023 

Overdue premium 

4% 

5.25% 

15 August 2023 

Policy loan 

4.5% 

8% 

AU Conventional (ex-NMLA) super tax policy loan  

15 August 2023 

Policy loan (super tax) 

3.83% 

6.80% 

 

This interest rate increase reflects the current market interest rates and economic conditions.  

What does this mean for the customer? 

With the change in the interest rate, customers may want to consider commencing or adjusting their payments to reflect this change and can do so via the following ways: 

1. Contacting their financial adviser 

2. Visiting our website, resolutionlife.com.au and chatting to us online 

3. Filling in an online enquiry via our website, resolutionlife.com.au/contact-us, or by 

4. Calling 133 731 (and quoting their policy number) 

Important: the amount of debt on the customer’s policy will grow over time if they do not adjust their repayment amount to reflect the change in interest rate or there are no repayments made to reduce the policy loan or contribute to overdue premiums. This may result in the debt reaching a level that exceeds the policy’s surrender value and which would see the policy and the insurance benefits cease. 

For more information on their policy loan and/or overdue premiums, customers can refer to their payment notices and/or statement. 

Future interest rate changes 

The interest rate charged for policy loans and overdue premiums on policies is set by Resolution Life and is subject to change from time to time, current interest rates can be found on resolutionlife.com.au/resolution-life-conventional-products. 

Advisers and customers will continue to be notified of any future increases to the interest rates including the date the new interest rates takes effect. 

Encouraging customers to switch to digital methods of payment

We recognise that majority of Australians now prefer digital options over traditional banking methods when paying into their policy. We want all customers to benefit from the convenience, speed and security of online payments, so we’re encouraging them to make the switch. 

What’s changing 

Updated payment notices and statements 

We’ve updated our payment notices and statements. From July, customers will see the following methods of payment for their premiums.  

  • Direct debit 

  • BPAY 

  • Credit card, and 

  • Australia Post

These updates will occur in stages, depending on the type of policy your customer holds. 

We’re no longer promoting cheques as an option. If customers still prefer to pay with cash or cheque, they can do so at Australia Post with their payment notice. 

Employer cheques 

As per ATO guidelines, we can only accept superannuation contributions through the ATO’s SuperStream service. To comply with our obligations, we’ll no longer accept employer cheques.  

How do customers make their payments online? 

Direct debit 

Setting up a direct debit can be a convenient, time-saving option for customers. They’ll only need to do this once (or until their banking details change), and payments will be automatically deducted each month. 

Customers can set up a direct debit instantly in the My Resolution Life portal. All they’ll need to do is: 

  • Log in to My Resolution Life portal at resolutionlife.com.au  

  • Go to the Payments and Transactions menu and select Direct debit details

On our website (eligible products only) 

Last year, we launched the ability to make one-off renewal payments with a debit or credit card online for certain products. See our past article for a full list of products eligible for online renewal payment. 

EOFY is upon us – reminder of what you need to know

In case you missed our article last month, we want to remind you of how we can help you support customers through this busy period. 

Update on income protection tax statements 

As EOFY approaches, we wanted to provide an update on the 2022/2023 income protection (IP) tax statements. The majority of IP tax statements will be issued during the first week of August, and approximately 1,000 IP tax statements for Elevate Insurance policies will follow late August. Statements will be available in My Resolution Life as they’re sent to customers. 

Complete common tasks in My Resolution Life 

Along with accessing IP tax statements, you can also complete the following EOFY activities in My Resolution Life: 

  • requesting for a certificate of currency 

  • requesting for Centrelink schedules and 

  • obtaining copies of tax statements. 

If you need help with using My Resolution Life this EOFY, see our guides in the My Resolution Life help centre. 

Making 2022-23 contributions 

If customers wish to make any further payments or contributions this financial year, they’ll need to submit all contribution forms and payments by 30 June 2023 to make sure their contributions count within the current financial year.  

EOFY customer campaign 

Our customer campaign informing them about EOFY ran from June 6-19 – a sample of the email can be viewed here. See what customers are reading, the EOFY essentials hub.

Important information

Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns. 

 

If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.