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Less than half of advisers wrote a life insurance policy in the first half of the year, according to Adviser Ratings, while Deloitte has identified a group of underinsured consumers emerging as a result.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
The Council of Australian Life Insurers has welcomed the former policy head of the Financial Planning Association of Australia to its leadership ranks.