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When comparing insurance prices online, it's essential to recognise that not all products are created equal. Many online comparison tools do not account for the specific features and benefits of each policy.
As a result, you may be comparing a comprehensive insurance product against those that may not include all the benefits and features you currently enjoy.
Is insurance affordability a concern? You can take advantage of your products’ flexibility and built-in features to make sure your insurance remains affordable. Learn more here.
Changes to the insurance industry in 2021 have impacted product design
In October 2021, Australian regulators required life insurers to reduce the generosity of income protection insurance offers made to new customers. This means if your policy commenced before October 2021, you:
• might have terms and features that are no longer available; and
• may see lower premiums being offered for newer policies which do not have the same features.
See in the table below some features no longer offered after October 2021. It’s important to note a policy which commenced before October 2021 would be unaffected by the regulatory changes. These changes only applied to new policies issued after October 2021.
What’s the feature? | What’s changed after 2021? |
| Agreed value benefit Agreed value means the amount the insured is covered for is based on that person’s income at the time of application. | Agreed value benefit is no longer offered and only indemnity is available, which is based on the insured’s income prior to claim. |
| Additional ancillary benefits to support you as you recover A policy might contain extra ancillary benefits for accommodation, nursing care reimbursement for rehabilitation expenses. | These benefits are not included in newer policies. |
| Upfront benefits for specific sicknesses or injuries, regardless of whether the insured person can work A policy might have features for a specified sickness or injury. For example, if the insured person is diagnosed with cancer, the waiting period is waived and the insured person is paid an upfront benefit equal to 6 times his/her monthly benefit, regardless of whether the insured person is working. | These benefits are not included in newer policies. |
| Ability to gradually go back to work and still be paid the full monthly benefit A policy may have more flexible definitions of disability that allow the insured person to work a certain number of hours or earn a certain amount of income and still be eligible for a full monthly benefit. | New policies generally only pay the full monthly benefit if the insured person is totally unable to work. |
Additionally, with older policies, the benefit paid directly to the insured person could be more, as 75% of a person’s remuneration package could be insured (for both income and super). Depending on the policy, the insured person could then either be paid:
• 75% of their remuneration package; or
• 75% of their income paid to them and 100% of their super contribution paid into their super fund.
This means at claim time, the insured person could receive the full benefit directly, rather than a portion of it going into their super fund.
Generally, most offers today only allow insurance coverage of approximately 70% of the person’s income and 100% of their super contribution.
Below is an example of how a benefit could be different between a policy issued before October 2021 and a policy issued after that date.
Customer example
Ana is a single, office professional working full-time on a salary of $100,000 a year, with $11,500 contributions to her super. Ana holds a Elevate Income Insurance Plan.
If Ana’s existing policy was issued before October 2021
She could insure 75% of the total package of $111,500, and her policy allows her to have the total package paid directly to her.
Her monthly benefit would be $6,969.
If Ana had a new policy issued after October 2021
She could insure 70% of $100,000.
Her monthly benefit would be $5,834 but she can nominate $958 to her super.
Resolution life is there for you
Other things to consider if you want to change your policy
If you wish to apply for a new policy, you may have to undergo underwriting again. Any changes in your health, occupation or pastimes since your existing policy was taken out may impact your ability to get new cover, and if so, it will also impact the terms of the new policy. For example, the new policy may be issued with exclusions and/or a premium loading.
Next steps
The coverage and benefits of your insurance products might not be reflected in a simple price comparison. We encourage you to review the details of any alternative policies carefully to ensure you understand the full scope of coverage and how it compares to your existing cover.
If you have any questions or need assistance in understanding the differences, please:
• reach out to your financial adviser, or
• Contact us – we’re here to help you make informed decisions about your insurance needs.
Resolution Life is there for you when you need us
Resolution Life Australasia is now one of the largest life insurers in Australasia servicing ~900,000 customers.
In 2024, we paid $328 million in income protection claims to 4,772 customers – that’s about $893,906 paid every day.
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.
