Australia Life Insurance Code of Practice (CALI Life Code)
Section 5: claims handling, investigations and decisions – Australia Life Insurance Code of Practice (CALI Life Code)

Australia Life Insurance Code of Practice (CALI Life Code) 5.61-5.62: Suggest independent advice on large lump sums and commutation offers

What does 5.61-5.62 require?

On accepting a non-income claim of at least $25,000 that is not payable to a superannuation trustee, the insurer suggests the claimant consider independent financial advice on managing the payment. Where a lump sum settlement is offered in place of future income payments, independent financial and legal advice is suggested before the claimant decides, except for lump sums that involve no decision such as advance or back payments.

Maintained by Gerard Blokdyk

Other controls in Section 5: claims handling, investigations and decisions – Australia Life Insurance Code of Practice (CALI Life Code)

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