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Information to help you support your clients
Resolution Life is currently contacting approximately 2,000 in-force customers who hold AC&L Insurance and Risk Protection Package products, who may be given a premium refund payment and/or a future premium reduction.
This activity is the result of a review undertaken by Resolution Life, which focused on the application of premium increases in some level premium products, and how these were explained in their supporting disclosure materials and documents. It was concluded that the explanations weren’t clear enough and as such, Resolution Life has decided to refund a portion of premiums paid and adjust future premium payments.
Communications to customers are being sent in a phased approach:
• February 2025
• March 2025
• May 2025
• July 2025.
More information
Below you’ll find more detailed information to help you support your clients throughout this change. If you have any questions or concerns, please contact your Adviser Support Manager or Strategic Partnership Manager. Alternatively, you can contact our dedicated support team:
• Call 133 731, select option 4 and enter the 5-digit extension 50058 OR
• Email us at levelpremiumrates@resolutionlife.com.au.
Frequently asked questions
1. How do I reassure my client(s) that the recent communication they’ve received about a refund payment and/or reduction to future premiums is not a scam?
We’d like to reassure you and your client(s) that the communication they’ve received from Resolution Life is genuine.
However, if they're concerned and would like to check it is not a scam, please encourage them to read the letter carefully and visit the Resolution Life website at resolutionlife.com.au/levelpremiumrates.
They can also find out more about us and our company history at resolutionlife.com.au/about-us.
2. Why is my client(s) receiving this refund payment and/or a reduction to their future premiums?
The refund and/or reduction to future premiums is the result of a review undertaken by Resolution Life. The review focused on the application of base premium rate table increases to level premium policies, and how these were explained in the supporting disclosure materials and documents. It was concluded that the explanations weren’t clear enough and as such, Resolution Life has decided to refund clients a portion of their past premiums and/or reduce their future premiums.
The refund amount also includes interest for the period of time for which clients have been refunded (review period). Please note, there have been multiple base premium rate table changes during the review period and these changes will affect the levels of interest applied.
3. Will there be a claw back on commissions paid for premiums being refunded in respect of the review period?
No. There will be no claw back on commissions that were paid to advisers for in-force premiums during the review period.
4. Will future commissions be affected by the reduced future premiums?
As commission payments are aligned to the premiums paid by clients, they will be adjusted accordingly going forward. The change will be effective from the date a client’s future premium is reduced.
5. Who is eligible for a refund payment?
Refund payments will only be made to eligible level premium policyholders whose premiums were paid during some or all of the review period.
6. Who is eligible for a reduction to future premiums?
A reduction to future premiums will only be provided to eligible level premium policyholders. Clients can review their current premium structure on their annual statement and insurance schedule. If they require a copy of this policy documentation our dedicated team can help.
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include their policy number in their message.
7. Which benefits are eligible for a refund payment and/or reduction to future premiums?
Clients who hold active policies within:
• AC&L Insurance - Income protection and Lump Sum, and/or
• Risk Protection Package - Income protection and Lump Sum
may be eligible for a refund payment and/or reduction to future premiums.
The product series and issue dates included as part of the review are listed below. The specific benefits and types of cover are also outlined.
8. Can Resolution Life provide me with a list of my clients who are receiving a refund payment and/or reduction to future premiums?
Yes. If you’re interested in receiving a list of your clients who are receiving a refund payment and/or reduction to future premiums, please contact your Adviser Support Manager or Strategic Partnership Manager and they can provide it to you. Alternatively, please email our dedicated support team and they will also be able to help: levelpremiumrates@resolutionlife.com.au.
9. What does my client need to do to receive the refund payment?
Clients can refer to the letter that has been sent to them for instructions on what they may need to do.
Ordinary insurance policies (non-superannuation)
If your client pays their premiums by direct debit from a bank account
No action is required. We will automatically pay the refund to the same bank account that their premiums are paid from. Once the payment is completed, we will send them a confirmation letter.
If your client doesn’t pay their premiums by direct debit from a bank account
Your client will need to provide bank account details to us. They can visit resolutionlife.com.au/levelpremiumrates to provide their bank account details via our secure online form. Alternatively, they can call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team.
When your client provides their bank account details to us, we will also ask them a series of security questions to verify we’re communicating with the owner of the policy. The information provided must match what we have on file in order for the refund payment to proceed.
If your client is a Self-Managed Super Fund (SMSF) policy owner and they nominate the bank account that is held in the name of the SMSF, they’ll need to provide us with additional information; including their ABN, SMSF Electronic Service Address (ESA) and an original or certified copy of their latest SMSF bank statement. All of this additional information must be emailed to levelpremiumrates@resolutionlife.com.au before we can process the refund payment.
We can only make the refund payment to one nominated bank account, and it must be a personal or joint account based in Australia. We cannot accept third party accounts, such as a company or a trust account, or accounts based overseas.
The bank account details provided will only be used to make the refund payment and won’t be associated or used with a client’s policy in any other manner.
Bank account details must be provided by Monday 2 June 2025. Once the payment is completed, we will send a confirmation letter to clients.
Superannuation insurance policies
We will transfer client refund payments to the Australian Taxation Office (ATO) who will attempt to transfer the money to an eligible, active superannuation account on behalf of your client (if they have one).
Clients can also choose to nominate an eligible active superannuation fund for the ATO to transfer their refund payment to, via their MyGov account.
More information is available on the ATO website at ato.gov.au using search term ATO-held superannuation, or they can be contacted on 13 10 20.
10. Can my client change the bank account their refund payment is paid to?
If your client has concerns about the bank account that their refund payment is being paid to, please ask them to contact us as soon as possible:
• Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include their policy number in their message.
11. When does my client need to provide their bank account details by? What happens if they miss the date?
If your client needs to provide their bank account details, please encourage them to do so by Monday 2 June 2025. We will then send them a confirmation letter once they have been paid.
If we don’t receive your client’s bank account details by the date advised, we will place them on the Australian Securities and Investments Commission’s (ASIC) unclaimed monies register and we will keep their total refund payment amount for seven (7) years, after which time we will forward it to ASIC in accordance with the law.
To claim these funds, your client can contact us directly, or they can contact ASIC by visiting asic.gov.au and search for unclaimed money.
12. My client has made a mistake when providing their bank account details using the online form. What do they do?
If your client has submitted incorrect or incomplete information to us when providing their bank account details using the online form, please ask them to contact us as soon as possible.
Call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team.
13. How did Resolution Life calculate my client’s refund payment?
Resolution Life has calculated refund payments from the present day back to 31 March 2017. This review period is consistent with the approach used by Australian Financial Complaints Authority (AFCA) determinations.
Each calculation is primarily made up of two main components:
1. Direct loss (premium difference)
This amount is the difference in premiums between what your client has paid and what they would have paid, under the revised calculation approach, for all premiums paid during the review period. It includes Stamp Duty.
The calculation is the difference, during the review period, between:
• the premiums paid for an insurance benefit, and
• the recalculated premiums, as at receipt of the premium(s) paid per layer (CPI increase).
The Policy Fee remains unchanged and as such doesn’t contribute to a premium difference payable.
2. Loss of earnings (Interest)
This amount is in recognition of any lost earnings and/or lost investment opportunity during the review period. Loss of earnings is calculated in accordance with the requirements under the Insurance Contract Act and associated Regulation. The applicable interest rate is based on the Australian Government 10-year bond yield, plus 3% p.a.
In most circumstances, loss of earnings has been applied for the period from each applicable premium payment, up to the date your client’s refund payment is made.
Each calculation applies a series of factors that are relevant for each individual client’s policy, including the person insured’s age, gender and sum insured. As such, each refund payment amount is specific to each client’s individual policy.
If your client(s) would like to understand how their refund payment has been calculated, they can request a copy by contacting us at levelpremiumrates@resolutionlife.com.au.
14. How did Resolution Life calculate my client’s reduced future premiums?
How premiums for life insurance policies are calculated
Resolution Life calculates premiums by applying the applicable base premium rate tables, relevant premium loadings and discounts to the sum insured.
To date, the base premium rate tables we use reflect any changes from previous base premium rate table reviews, for owners of a similar policy. This includes all pricing changes that have occurred over time since inception of the policy.
Why Resolution Life is making a change
The reduction to future premiums is the result of a review undertaken by Resolution Life which focused on the application of base premium rate table increases and how they were explained in the supporting disclosure materials and documents. It was concluded that the explanations, in relation to the variations of these base premium rate tables over time, weren’t clear enough. As such, we’ve revised the way in which clients’ premiums are calculated.
What’s changing?
Each affected client has had their premiums reset to the rates applicable for their sum insured as at 31 March 2017. This will be the same as what the base premium rate table was at the date of the client’s premium anniversary, immediately prior to 31 March 2017.
The reset premium will remain in place for as long as there are no changes to a client’s policy. *
Where a client’s sum insured has increased since 31 March 2017 (whether due to regular indexation or by voluntary increase), the premiums for the additional sum insured amounts are based on the base premium rate table applicable at the date the increases were added.
If your client currently receives a discount on their premiums, this will continue to be applied on the reduced future premium.
Further details will be provided to clients in their updated insurance schedule. Additionally, if your client(s) would like to understand how their new reduced future premiums have been calculated, they can request a copy by contacting us at levelpremiumrates@resolutionlife.com.au.
* There are some exceptions to these rules (such as where policy alterations are made that increase risk).
15. Why is my client receiving a refund for only some of the insurance benefits they have on their policy?
Not all insurance benefits were eligible to be included in the policy review undertaken by Resolution Life. Specific information about the insurance benefits for which your client(s) are receiving a refund are outlined in the letter they’ve received.
16. My client has another active insurance policy with Resolution Life. Will they receive a refund payment for that?
If your client has multiple active insurance policies with Resolution Life and more than one product and benefit type are eligible for a refund payment, your client will receive a separate communication for each policy.
17. What is the review period and why is Resolution Life only refunding policies back to 31 March 2017?
Resolution Life has reviewed affected products from the present day back to 31 March 2017, as this includes the period in which substantial and material base rate premium table increases were implemented for impacted benefits under these products.
These increases were originally made in response to the Australian Prudential Regulation Authority (APRA) requiring life insurers to review their premiums for income protection cover, to seek to ensure the future sustainability of income protection products.
In undertaking the review, Resolution Life deemed it appropriate to include other types of products, such as life insurance (death cover), total & permanent disablement (TPD) and trauma cover, as well as income protection products.
18. Will my client receive updated documentation for their policy?
Your client may receive further communications about their insurance from Resolution Life. Types of communication may include: an updated insurance schedule (showing policy details and a summary of their ongoing premiums), a premium change letter, annual statement and/or payment due notice.
19. Is my client’s current level of cover affected by this refund payment and/or the reduction to future premiums?
No. Your client’s cover is not affected and remains in place.
For superannuation insurance policies, your client’s existing binding death benefit nomination(s), if provided, also remains in place.
20. Will my client be advised once the refund payment has been made?
Yes. If your client is receiving a refund payment and has provided us with current bank account details, they will receive a confirmation of payment letter. This will be issued approximately 4 weeks after the payment is complete.
21. Does my client need to do anything when their future premiums are reduced?
No. There is nothing your client needs to do. The reduced future premium will be applied automatically.
22. My client made changes to their cover during the review period. Will this affect their refund payment and/or reduction to future premiums?
Clients will still receive their refund payment and/or reduction to future premiums.
If they made changes to their cover, or their cover was reinstated at any point during the review period, this has been taken into consideration when calculating the refund payment and/or reduction to future premiums.
If your client(s) would like to understand how their refund payment and/or reduced future premiums have been calculated, they can request a copy by contacting us at levelpremiumrates@resolutionlife.com.au.
23. My client made a TPD, trauma and/or income protection claim during the review period. Will this affect their refund payment and/or reduction to future premiums?
Clients will still receive their refund payment and/or reduction to future premiums.
If they received a benefit payment(s) during the review period, this has been taken into consideration when calculating the refund payment and/or reduction to future premiums.
If your client(s) would like to understand how their refund payment and/or reduced future premiums have been calculated, they can request a copy by contacting us at levelpremiumrates@resolutionlife.com.au.
24. My client is currently on claim. Do they need to resume paying premiums?
No. If your client is on claim, their premiums are waived while they’re receiving benefit payments.
If eligible, they will receive their refund payment as outlined in the letter sent to them, and we will update their policy details to reflect the reduction to their future premiums.
25. My client is currently on claim. Will there be any change to their benefit payments?
No. If your client is on claim, they will continue to receive benefit payments.
If eligible, they will receive their refund payment as outlined in the letter sent to them, and we will update their policy details to reflect the reduction to their future premiums.
26. My client has recently received a final reminder notice. What do they need to do?
If your client has received a final reminder notice, they will still receive their refund payment and reduction to future premiums. However, they could be at risk of losing their insurance if they don’t make a premium payment to stay covered.
Due to the reduction in their future premiums, the amount owing, and cancellation date noted in the final reminder notice we recently sent to them, is now incorrect. We will send your client a revised letter that reflects the reduced premium and when it needs to be paid by. It will also include instructions for how they can make a premium payment, in order to stay covered.
27. Can Resolution Life apply my client’s refund payment amount to past, unpaid premiums or future premiums owing?
No. Your client’s refund payment will be paid as outlined in the letter sent to them. Resolution Life is unable to apply a client’s refund payment amount to any past, unpaid premiums or future premiums owing.
28. My client’s family/estate has recently made a life insurance claim on behalf of a person insured. Will this affect the refund payment being paid?
If your client’s family/estate has submitted a life insurance claim on behalf of a person insured, they can contact their Case Manager who can support them throughout the process. Additionally, they can contact our dedicated team who can provide further guidance on how and when the refund payment will be made.
• They can call us on 133 731, select option 4 and enter the 5-digit extension 50059 to speak with our team OR
• Email us at levelpremiumrates@resolutionlife.com.au and include their policy number in their message.
29. My client has an inactive insurance policy with Resolution Life. Will they receive a refund payment for that policy?
Resolution Life is continuing to review policies, including some inactive policies, which may be eligible for a refund payment.
Eligibility for refund payments depends on several factors, including the product and benefit types, as well as premiums paid during the review period. Further information on eligibility is outlined in questions 5, 7, 16 and 17.
If a client is eligible for more than one refund payment, they will receive a separate communication for each policy.
Additional important information
If you have a client who wants to know more about reinstating a lapsed policy, please ask them to review Reinstating your insurance policy - Resolution Life. From here they can submit an online request or contact the support team on insurance@resolutionlife.com.au.
Product series and benefits
Policy status | Country | Class of business | Premium type | Product name | Coverage type | Benefit code | Benefit description* *Description shown in customer’s insurance schedule | Any series on or after | Any series prior to but not including |
In-force | Australia | Ordinary / Super | Level | AC&L – AXA Insurance | Income Protection | INRL | Income Replacement Plan | 1/08/1994 | 15/11/2000 |
PRAL | Premier Income Protection Plan | 1/08/1994 | 1/09/1996 | ||||||
PROL | Income Protector Plan | 1/08/1994 | 1/09/1996 | ||||||
Lump Sum | LL1A, LL3A | Life Insurance Plan | 1/08/1994 | 1/09/1996 | |||||
RPP – Risk Protection Package | Income Protection | PIPL | Professional Income Protection | 1/07/1995 | 1/12/2000 | ||||
VIPL | Vital Income Protection | 1/07/1995 | 1/12/2000 | ||||||
Lump Sum | LDL | Life Protection Plan | 30/03/1995 | 1/08/1999 | |||||
TPD | LDLSO | Total and Permanent Disablement Option (Own) | 10/12/1997 | 1/08/1999 | |||||
Trauma | LTRD | Trauma Deluxe Protection | 1/07/1995 | 1/08/1999 | |||||
LTRE | Trauma Essentials Protection | 1/07/1995 | 19/08/2002 |
Important information
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), 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 product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.
