What Does This Mean for You and Your Coverage?
We understand that this news may raise questions and concerns about the status of your existing policies and ongoing coverage with Integrity Life.
We want to clarify that your existing Integrity Life insurance policies will remain unaffected by this decision. The terms and conditions of your current insurance policies, as outlined in the relevant Product Disclosure Documents (PDS) and Policy Documents, will remain unchanged. Your policies are guaranteed renewable. This ensures that you remain covered and you retain the flexibility to adjust your coverage as your personal circumstances evolve, ensuring that your insurance continues to meet your needs.
Integrity will continue to fulfil its obligations under the Life Insurance Code of Practice, ensuring that if you need to make a claim, it will be handled in accordance with the seven key principles of the Code of Practice: clarity, transparency, fairness, respect, honesty, timeliness, and plain language.
You can find Integrity Life's official announcement on their website.
From AFRM’s perspective this development is both a surprise and also disappointing that an insurer has taken the decision to no longer offer new policies in the market, as we believe that competition is beneficial for consumers and the industry as a whole.
Despite this news, you can be assured that the life insurance industry in Australia has many safeguards in place. The industry is prudentially regulated and contains significant consumer protections to ensure continuity of existing "guaranteed renewable" cover regardless of these types of strategic business decisions.
If you have any concerns or questions related to your policy and this announcement, please feel free to contact us by replying to this email or calling your Adviser at 1300 364 341. We are here to assist you and provide any support you need in relation to your Life Insurance portfolio.
Sincerely,
Rob Vitnell
Managing Director AFRM
