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Integrity Life scraps new life insurance in retail advised channel

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6 September 2023 by Rhea Nath, Money Management

Article link: https://www.moneymanagement.com.au/news/liferisk/integrity-life-scraps-new-life-insurance-retail-advised-channel

Integrity Life Australia will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels.

The firm, part of Integrity Group, attributed the “difficult decision” to a substantial reduction in financial advisers providing risk advice over the last five years and a declining market.

In its 2023 Life Insurance Study, Adviser Ratings found that there were 15,833 advisers in the industry as at 1 January 2023. Of those, 150 only provided advice on life insurance and 949 were largely specialised in providing life insurance advice (together 1,099 or 7 per cent of total advisers), and a further 2,372 (15 per cent) provided some advice on life insurance.

The change will take effect from 29 September 2023.


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