What does the Life Insurance Code of Practice mean for you?

The Life Insurance Code of Practice was developed to help improve service standards for customers who hold life insurance products. It was also developed as a way to build trust between insurers and consumers knowing that particular standards will be met.

Organisations who subscribe to the Code commit to the obligations of the Code and abide by key promises when dealing with you and your insurance needs.

The Life Code Compliance Committee (Life CCC) is an independent body that administers and enforces the Code. Their aim is to improve the life insurance industry’s service to customers by monitoring compliance, providing education and support, and imposing sanctions if required.

Insurers will uphold these key promises as subscribers to the Code.

  1. We will be honest, fair, respectful, transparent, timely, and where possible we will use plain language in our communications with you.
  2. We will monitor sales by our staff and our authorised representatives to ensure sales are appropriate.
  3. If we discover that an inappropriate sale has occurred, we will discuss a remedy with you, such as a refund or a replacement policy.
  4. We will provide additional support if you have difficulty with the process of buying insurance or making a claim.
  5. When you make a claim, we will explain the claim process to you and keep you informed about our progress in making a decision on your claim.
  6. We will make a decision on your claim within the timeframes defined in the Code, and if we cannot meet these timeframes you can access our complaints process.
  7. If we deny your claim, we will explain the reasons in writing and let you know the next steps if you disagree with our decision.
  8. We will restrict the use of investigators and surveillance, to ensure your legitimate right to privacy.
  9. The independent Code Compliance Committee will monitor our compliance with the Code.
  10. If we do not correct Code breaches, sanctions can be imposed on us.

The Code was implemented to help you receive a consistent and high standard of service from your insurer. Click here for more information about your rights under the Code.

If you are concerned that your insurer is breaching the code, you can refer the matter to us for investigation- Report an Issue. The Committee’s role is to monitor compliance and investigate breaches against the Code. They will then recommend corrective action if needed. If you require a specific outcome such as compensation, an apology, or for your problem to be fixed – you should make a complaint to your insurer or the Australian Financial Complaints Authority.