TAL welcomes advice reforms as a win for Australians

Australian life insurer TAL welcomes the Government’s announcement on the second phase of the Delivering Better Financial Outcomes package (DBFO). The reforms will provide Australians with better access to financial advice, making it easier for financial advisers, super funds and life insurers to support customers throughout their lives.

Under the Government’s reforms, life insurers including TAL will be able to provide simple advice to both existing and new customers when they ask for it, at no extra cost to them.

Independent research commissioned by the Council of Australian Life Insurers shows that more than 40 per cent of people want more personalised advice that helps them decide how much cover they need and the products that best suit them.

TAL Group Chief Executive and Managing Director Fiona Macgregor said that TAL is a strong supporter of quality financial advice and that the reforms would make it easier for Australians to access the help they need.

“We recognise that making decisions on financial products can be hard and believe that Australians should be able to access advice when they ask for it.”

“Life insurance provides an important financial safety net for millions of Australians. But the reality is, many Australians remain underinsured and under-protected, unable to easily access the right advice to set themselves and their loved ones up for the future.”

“Today’s announcement is a win for Australians. These reforms are critical to making financial advice more affordable and accessible.”