Each week, Business Life Insurance Australia delivers a clear, trustworthy wrap of the stories shaping risk and resilience for Australian businesses. In under 15 minutes, get concise updates on key person risk, succession and governance shifts, tax and compliance headlines, regulator and court developments, and market trends impacting SMEs and executives. Expect plain-English context, what it means for your organisation, and the signals to watch ahead—so you can plan with confidence.
This Week:
This week: life insurers back new expectations for APRA and ASIC aimed at safety with less red tape; adviser levies could climb to about $5,000 per adviser, affecting advice affordability; adviser numbers rise to roughly 15,050, easing access to help; and an AFCA case shows commissions excluded from income under a group IP definition—prompting checks of how “income” is defined. Takeaways: review policy settings as products evolve, book advice early and confirm fee clarity, and ensure variable pay is covered appropriately in key person and income protection arrangements.
EPISODE 2418 | Business Life Insurance Weekly Industry News Wrap | Mon, 20th Jul 2026
22 Jul 2026 | Paige Estritori
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Read Full Transcript:
Hello and welcome to Business Life Insurance Weekly Industry News Wrap, Im Paige Estritori, and its Monday, 20 July 2026.
First, life insurers have welcomed the Federal Governments new Statements of Expectations for APRA, the prudential regulator, and ASIC, the corporate regulator. The guidance aims to keep the system safe while encouraging competition, innovation and less red tape. For business owners, that signals a push toward simpler, more accessible cover without sacrificing consumer protections. Use this moment to review your key person, buy–sell and debt protection settings so they stay fit for purpose as products evolve.
Next up, adviser costs are in the spotlight. The Financial Advice Association Australia says the ASIC industry levy plus a special CSLR, or Compensation Scheme of Last Resort, levy could push total charges to about five thousand dollars per adviser this year. Higher overheads can flow through to advice fees, which matters if youre arranging succession funding or executive cover. If you need advice, book early, ask for a clear fee breakdown, and compare options so you still access tailored guidance.
Meanwhile, there is a bright spot on capacity. Adviser numbers edged up again to around fifteen thousand and fifty as at 16 July. Thats still well below historic peaks, but it means more practices are recruiting and new entrants are passing exams. If youve delayed a buy–sell agreement review or key person reassessment, you may find shorter wait times—get in ahead of the spring planning rush.
And a reminder on policy fine print from a recent dispute ruling. Under a group income protection policy, commissions didnt count toward pre‑disability income because the employer had chosen a definition that excluded them. If your business or key staff earn variable pay—like commissions or bonuses—make sure your individual or key person policies define income the way you expect. The right structure can protect cash flow and continuity when illness or injury strikes.
Thats the wrap. For plain‑English guides and to compare business life insurance with Australia‑wide broker support, visit business-life-insurance.com.au. Im Paige Estritori—thanks for listening and Ill see you next week.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Indemnity: A legal principle that stipulates that insurance policies should restore the insured to the financial position they were in before the loss.
