What is the Life Insurance Code of Practice?
The Life Insurance Code of Practice (‘the Code’) is the life insurance industry’s commitment to customer service standards and it’s designed to protect you, the customer.
The aim of the Code is to commit insurers to the achievement of high customer service standards and continual improvements within the industry, increasing overall trust and confidence.
The objectives of the Code of Practice are:
- to commit insurers to high standards of customer service;
- to seek continuous improvement within the life insurance industry;
- to communicate with customers in plain language where possible; and
- to increase trust and confidence in the life insurance industry.
Why is the Code of Practice important?
A contract of insurance is based on the principle of good faith which requires both the insurer and the customer to act honestly and fairly towards each other, and for the insurer to have regard to the customers’ interests.
The Code of Practice will enhance consumer rights and lift industry standards in order to deliver better customer outcomes.
The key Code promises
- Your insurer will be honest, fair, respectful, transparent, timely, and where possible, will use plain language in communications with you.
- Your insurer will monitor sales, its staff and authorised representatives to ensure that sales are appropriate.
- If it is discovered that an inappropriate sale has occurred, a remedy will be discussed with you, such as a refund or a replacement policy.
- Additional support will be provided to you if you have difficulty with the process of buying insurance or making a claim.
- When you make a claim, the claim process will be explained to you and you will be kept informed about the progress in making a decision on your claim.
- A decision on your claim will be made within the timeframes defined in the Code, and if these timeframes cannot be met, you will have access to a complaints process.
- If your claim is denied, the reasons will be explained to you in writing and you will be informed of the next steps if you disagree with the decision.
- The use of investigators and surveillance will be restricted, to ensure your legitimate right to privacy.
- The independent Code Compliance Committee will monitor compliance with the Code.
- If Code breaches are not corrected, sanctions can be imposed on your insurer.
Our commitment to the Code of Practice
Swiss Re, the issuer of ahm life insurance products has adopted the Life Insurance Code of Practice.
View a full version of the Life Insurance Code of Practice(opens in a new tab).
Things you should know
Read this bit to understand more about our life insurance products, and who we partner with.
Any advice provided is general only and doesn’t consider your objectives, financial situation or needs. You should carefully read the relevant Product Disclosure Statement(opens in a new tab) (which sets out the product terms, conditions and exclusions), Target Market Determination(opens in a new tab) and Financial Services Guide(opens in a new tab) available here(opens in a new tab) to ensure the product is right for you.
ahm life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306, AFSL 324908 (Swiss Re). ahm life insurance products are distributed by Greenstone Financial Services Pty Ltd ABN 53 128 692 884, AFSL 343079 (GFS), and promoted by ahm health insurance, a business of Medibank Private Limited ABN 47 080 890 259, AR 286089 (Medibank Private). Medibank Private is an authorised representative of GFS.
Your personal information will be handled in accordance with our Privacy Collection Notice(opens in a new tab).
^Cashback T&Cs: Offer starts 12.01AM AEDT 09 May 2022 and ends 11.59PM AEST 30 June 2022 (Promotion Period). Offer available for new ahm life insurance policies purchased during the Promotion Period. To be eligible for the $100 cashback you must have (a) purchased a new ahm Life Insurance or ahm Life Insurance Express policy during the Promotion Period and held the active policy for 6 months from the policy commencement date; and (b) have made 6 months’ worth of payments. Once the eligibility criteria has been met, payment will be processed within 14 days of the payment of your 6th month premium into the account from which your premiums are debited from. Not available with any other offer, except for the ahm health member discount of 10% on life insurance premiums. The cashback offer is limited to 1 payment per policy in the first year of the policy. If your ahm life insurance policy lapses due to non-payment of premiums within the first 6 months of the policy commencement date, or you cancel your policy for whatever reason in that time, then the cashback offer will not be payable. If we have agreed to pause your premiums due to financial hardship within the first 6 months of your policy commencement date, you will still be eligible for the $100 cashback once 6 months of premiums have been paid.