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How advisers can prepare for IP changes this October

Ahead of APRA’s changes to income protection this October, advisers are being encouraged to participate in a webinar series that will provide a full rundown of the changes.

Hosted by NEOS Life, the three-part series will explain the changes coming into effect on 1 October, why they are required and how they will impact both advisers and clients.

“We support the efforts of APRA to improve the sustainability of income protection. The changes recommended by the Actuaries Institute, outlined in their Reference Product, will go a long way to achieving this,” NEOS Life COO, Keith Moynihan, told ifa.

“We trust that all major insurance companies will support the opportunity provided by APRA and the Institute to ‘reset’ the product design to a more sustainable level.

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“The forthcoming changes to income protection will be significant, which is why we’ve developed an accredited webinar series – to provide guidance on what these changes will look like for advisers and their clients.

“An example of what we cover in these webinars is the significant changes for clients who continue to receive income while disabled – whether from their business or other passive sources. The treatment of these sources of income is central to the guidance provided by the Actuaries Institute, requiring a careful assessment of their operational impact and clear explanation to advisers.

“We remain 100 per cent committed to our advisers and providing them with the tools and information they need to succeed, and we’re pleased to see such strong demand for these webinars, with over 1,000 advisers registered already.”

The first webinar takes place on 8 July, followed by another later this month, two in August and one in September.

How advisers can prepare for IP changes this October
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