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We’ve recently contacted some customers to let them know about a review undertaken by Resolution Life, which focused on the application of base rate premium increases to level premium policies, and how these were explained in the supporting disclosure materials and documents.
The review concluded that the explanations weren’t clear enough and as such, Resolution Life has decided to refund eligible customers a portion of past premiums paid and reduce future premiums, where applicable.
If you’ve received a communication from us about this activity, we encourage you to read your letter in full and the additional information provided on this page.
What you need to do
If your communication asked you to supply your bank account details to us, so that we could process a refund payment, please provide your details to us by the method requested in your letter.
Customers who have been asked to provide their nominated bank account details via secure online form must do so by Monday 1 September 2025.
Provide your bank account details
Customers who have been asked to provide their nominated bank account details by completing and returning a Change of Details form must do so by Friday 12 September 2025.
No action is required if your communication advised that we have bank account details on file for you, or if you have a superannuation insurance policy.
If you have questions
• Please read our frequently asked questions below
• Email us at levelpremiumrates@resolutionlife.com.au
• Use our online chat function to speak with one of our team
• You can also contact your financial adviser
• For specific queries, call us on 133 731, select option 4 and enter the 5-digit extension 50059.
Making a complaint
Should you wish to make a complaint regarding the outcome of this change, you can do so by contacting us using the contact details above. You can find more information about making a complaint and the complaints process on our website resolutionlife.com.au/complaints.
If you aren’t satisfied with the outcome of Resolution Life’s dispute resolution process, you can take your complaint to the Australian Financial Complaints Authority (AFCA). AFCA is an external dispute resolution body which provides fair and independent financial services complaint resolution that is free to consumers.
Their contact details are:
Australian Financial Complaints Authority
GPO Box 3
MELBOURNE VIC 3001, Australia
Phone: 1800 931 678
Email: info@afca.org.au
Online: afca.org.au
There may be a time limit for referring your complaint to AFCA, which is usually two years from the time when you receive your complaint outcome from Resolution Life. You can contact AFCA or visit their website for more details.
Frequently asked questions
How do I know the recent communication I’ve received is not a scam?
We’d like to reassure you that the communication you’ve received from Resolution Life is genuine.
However, if you’re concerned and would like to check it is not a scam, please read your letter and the information on this webpage carefully.
You can also find out more about us and our company history at resolutionlife.com.au/about-us.
Alternatively, if you have a financial adviser, please contact them.
Why am I receiving a refund payment and/or a reduction in my future premiums?
The refund and/or reduction to your future premiums are the result of a review undertaken by Resolution Life. The review focused on the application of base rate premium 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 you a portion of your past premiums and/or reduce your future premiums.
The refund amount also includes interest for the period of time for which you have been refunded (review period). Please note, there have been multiple premium rate changes during the review period and these changes will affect the levels of interest applied.
Who is eligible for a refund payment?
Refund payments will only be made to eligible level premium policyholders whose policies were active as at 1 January 2024, and whose premiums were paid during some or all of the review period.
Eligibility for refund payments also depends on several other factors, including the product and benefit types.
If you are eligible for more than one refund payment, you will receive a separate communication for each policy.
Who is eligible for a reduction to future premiums?
A reduction to future premiums will only be provided to eligible level premium policyholders whose policy is in force and whose benefit(s) are active on the day when the calculations are done. Your current premium structure is displayed on your annual statement and insurance schedule. If you require a copy of this policy documentation, please contact us.
• 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 your policy number in your message.
Which of my benefits are eligible for a refund payment and/or reduction to future premiums?
Please refer to the letter that has been sent to you for details of the benefits and types of cover that you hold which are eligible for a refund payment and/or reduction to your future premiums.
What is an ‘active’ benefit?
If your insurance is in force and all of the conditions of your policy are being met, then the benefit(s) within the policy is considered ‘active’.
What is an ‘inactive’ benefit?
If your insurance is no longer in force, then the benefit(s) within the policy is considered ‘inactive’.
A policy/benefit that is ‘inactive’ is also referred to as being ‘out of force’ and there are several reasons why a policy/benefit may be considered ‘out of force’. These include:
• The policy has lapsed due to premiums not being paid.
• The policy has been cancelled by the policyholder.
• The policy term has been reached, and as such the policy has expired.
• There has been a claim settled on the policy.
What do I need to do to receive the refund payment?
Please refer to the letter that has been sent to you for instructions on what you may need to do to receive your refund payment.
Can I change the bank account my refund payment is paid to?
If you have concerns about the bank account your refund is being paid to, please 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 your policy number in your message.
When do I need to provide my bank account details by? What happens if I miss the date?
If you need to provide your bank account details to us, please do so by the date advised in the letter that has been sent to you. We will then send you a confirmation letter once you have been paid.
If we don’t receive your bank account details by the date advised, we will place you on the Australian Securities and Investments Commission’s (ASIC) unclaimed monies register and we will keep your 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, you can contact us directly, or you can contact ASIC by visiting asic.gov.au and search for unclaimed money.
I’ve made a mistake when providing my bank account details. What do I do?
If you have submitted incorrect or incomplete information to us when providing your bank account details, please 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.
How did Resolution Life calculate my refund payment?
You can request a copy of how your refund payment has been calculated by contacting us.
• 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 your policy number in your message.
How did Resolution Life calculate my new premiums?
You can request a copy of how your new premiums have been calculated by contacting us.
• 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 your policy number in your message.
Is my current level of cover affected by the refund payment and/or the reduction to future premiums?
No. Any active cover is not affected and remains in place.
For superannuation insurance policies, your existing binding death benefit nomination(s), if provided, also remain in place.
What is a level premium?
To learn more about level premiums you can read more at Understanding level premiums - Resolution Life.
Will my premiums increase in the future?
We cannot advise on any other changes to your premiums which may occur in the future. Please refer to the letter that has been sent to you for details of what has currently changed.
Why am I receiving a refund for only some of the insurance benefits I have on my policy?
Not all insurance benefits were eligible to be included in the policy review undertaken by Resolution Life. Please refer to the letter that has been sent to you for specific information about the insurance benefits for which you’re receiving a refund.
If you’d like further details, please contact us.
• 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 your policy number in your message.
Is the refund payment assessable for taxation purposes?
Please seek advice from your financial adviser or a registered tax agent to find out if your refund payment will be assessable for taxation purposes.
I have another insurance policy with Resolution Life. Will I receive a refund payment for that?
If you have multiple insurance policies with Resolution Life and the product and benefit types are eligible for a refund payment, you will receive a separate communication for each policy.
Why are refund payments for superannuation policies being transferred to the Australian Taxation Office (ATO)?
Under current superannuation laws, refund payments for risk insurance only policies cannot be paid out as cash directly to you. We’re also unable to refund your superannuation account directly.
In these instances, the refund payments will be transferred to the ATO as superannuation money, and they will attempt to transfer your refund payment to an eligible, active superannuation account on your behalf (if you have one).
You can also choose to nominate an eligible active superannuation fund that you’d like the ATO to transfer your refund payment to via your MyGov account.
For more information, visit the ATO website at ato.gov.au and search for ATO-held superannuation, or call them on 13 10 20 if you have any questions.
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 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.
Will I receive updated documentation for my policy?
You may receive further communications about your insurance from Resolution Life, as well as further information about your refund payment. Types of communication may include an updated insurance schedule (showing your policy details and a summary of your ongoing premiums), a premium change letter, annual statement and/or payment due notice.
Where can I obtain a copy of the disclosure materials and documents that are relevant to my policy?
You can request a copy of the disclosure materials and documents relevant to your policy by contacting us.
• 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 your policy number in your message.
I made changes to my cover during the review period. Will this affect my refund payment and/or reduction to future premiums?
You will still receive your refund payment and/or reduction to future premiums.
If you made changes to your cover, or your cover was reinstated at any point during the review period, this has been taken into consideration when calculating your refund payment and/or reduction to future premiums.
You can request a copy of how your refund payment and/or reduction to future premiums have been calculated by contacting us.
• 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 your policy number in your message.
I made a TPD, trauma and/or income protection claim during the review period. Will this affect my refund payment and/or reduction to future premiums?
You will still receive your refund payment and/or reduction to future premiums.
If you received a benefit payment(s) during the review period, this has been taken into consideration when calculating your refund payment and/or reduction to future premiums.
You can request a copy of how your refund payment and/or reduction to future premiums have been calculated by contacting us.
• 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 your policy number in your message.
I’m currently on claim. Do I need to resume paying premiums?
No. If you’re on claim, your premiums are waived while you’re receiving benefit payments.
I’m currently on claim. Will there be any change to my benefit payments?
No. If you’re on claim, you will continue to receive benefit payments.
I’ve recently received a final reminder notice. Do I need to do anything?
If you’ve received a final reminder notice, you will still receive your refund payment and reduction to future premiums. However, you could be at risk of losing your insurance if you don’t make a premium payment to stay covered.
Due to the reduction in your future premiums, the amount owing, and cancellation date noted in the final reminder notice we recently sent you, is now incorrect. We will send you a revised letter shortly that reflects the reduced premium and when it needs to be paid by. It will also include instructions for how you can make a premium payment, in order to stay covered.
Can Resolution Life apply my refund payment amount to past, unpaid premiums or future premiums owing?
No. Your refund payment will be paid as outlined in the letter sent to you. Resolution Life is unable to apply your refund payment amount to any past, unpaid premiums or future premiums owing.
I’ve recently made a life insurance claim on behalf of a person insured. Will this affect the refund payment being paid?
If you’ve submitted a life insurance claim on behalf of a person insured, please contact your Case Manager who can support you throughout this process. Additionally, you can contact our dedicated team who can provide further guidance about how and when the refund payment will be made.
• 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 your policy number in your message.
Further information and support
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.
