‘How is this behaviour allowed’: Adviser blasts insurer premium hikes
‘How is this behaviour allowed’: Adviser blasts insurer premium hikes
An adviser has slammed the poor behaviour of insurers in hiking premiums for existing customers while new client rates stay unsustainably low, as the life sector grapples with the competing forces of regulatory restrictions and the chase for market share.
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Adam Wade, director of northern NSW practice TNR Wealth Management, told ifa his clients were being unfairly penalised by pricing sustainability issues in the life industry while insurers chased new clients with loss-leading premium rates.
“I have a client who has come to me with a TAL policy taken out in 2012. The annual premium is $8,102 because it is on series 30,” Mr Wade said.