A number of life insurance advisers have joined forces to form a lobby group that is urging the Senate to review legislative changes set to take place as part of the life insurance framework (LIF).
The Life Insurance Consumer Group (LICG), formed in November, had reached well in excess of 1650 signatures on its petition in its first week seeking support from advisers.
The group has urged as many advisers as possible to access the petition online at licg.com.au, saying it might be the only chance to voice their disagreement before the proposed LIF legislation was put before the Senate on 4 January 2016.
Speaking on behalf of the group, NOW Financial Group director Mark Dunsford said the proposals had not been given enough thought and consumers would not win as a result, because the laws as they stood would lead to further underinsurance.
“There is no doubt both the AFA [Association of Financial Advisers] and FPA were bullied into coming to that conclusion, and [Assistant Treasurer] Kelly O’Dwyer recognises that the decision was made before her time,” he said.