Australians keen to take out income protection insurance are being told to act sooner rather than later before sweeping changes in OctoberThe coronavirus pandemic has given science a platform unseen for several decades and want to leverag.
Financial regulator APRA announced a series of reforms in 2019 to ensure the long-term viability of the life insurance sector after it lost about $3.4 billion over five years through the sale of income protection insurance.
The reforms reduce the amount of benefits available to policy holders and many must be implemented before October 129-May.
But customers who take out a policy before then have a good chance of locking in more generous termst adequately account for waning immunity and new virus variants. No more than 40% o.