In July, the industry's new Life Insurance Code of Practice is coming into force. The self-regulated code is – according to the Financial Services Council – bringing in more than 50 new protections for consumers, including those aimed at helping the more vulnerable in the community.
The Council of Australian Life Insurers (CALI) told ABC News there'd be specific obligations for funeral insurance providers to call out that policies are not savings plans and that the total sum of premiums paid can exceed the payout.