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What is the Life Insurance Code of Practice?

The Life Insurance Code of Practice (‘the Code’) refers to the customer service standards that all life insurers who are members of the Financial Services Council (FSC) need to comply with from 1 July 2017. They apply to sales, marketing, underwriting and claims practices, to simplify the experience customers have with life insurers.

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.

Why is the Code of Practice important?

It’s important because a contract of insurance is based on the principle of good faith. Both the insurer and the customer are required to act honestly and fairly towards each other, and for the insurer to have the best regard for the customers’ interests. The Code of Practice will enhance consumer rights and lift industry standards in order to deliver better customer outcomes.

What can you expect from us?

To achieve better outcomes for you, Qantas Life Insurance will:

  • Be honest, fair, respectful, transparent, timely – and use plain language
  • Monitor all sales by our staff and, if deemed inappropriate, will discuss a remedy such as a refund or replacement policy
  • Provide additional support if you need it when purchasing or claiming
  • Explain the claims process clearly and keep you informed of your progress
  • Make a decision on your claim within the timeframes outlined in The Code, and ensure you can access the complaints process if they aren’t met.
  • Explain in writing any reasons for denying your claim – and inform you of next steps
  • Ensure your right to privacy and restrict the use of surveillance and private investigators
  • Abide by the decisions of the independent Life Code Compliance Committee who will monitor our compliance with The Code
Our commitment to the Code of Practice

Qantas Life Insurance and its chosen underwriter, TAL, accept and adhere to the industry’s Code Of Practice and support the promotion and monitoring of it by the Financial Services Council. Our clear, overriding commitment is to you, the customer, so you receive superior customer service now and in the years to come. Download a full version of the Code of Practice.

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