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: Australias new law bans life insurers from using adverse genetic test results in underwriting. ASIC flags a review of funeral insurance, a customer service probe, and progress toward a stronger Life Insurance Code. The ATO extends acceptance of credit cards for tax until 30 June 2027, easing cash flow pressure short term. And new research shows natural disasters leave lasting scars on small business numbers, underscoring the need for continuity planning and key person protection.
EPISODE 3222 | Business Life Insurance Weekly Industry News Wrap | Mon, 12th Oct 2026
13 Oct 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, 12 October 2026.
First, a major change for underwriting. From Thursday, laws now ban life insurers from using adverse genetic test results when assessing new cover or changes to existing policies, including death, TPD, trauma and income protection. Family history and existing conditions can still be considered, but penalties apply for using genetic test data, so consumers can test without fear it will count against them. For business owners exploring key person or buy–sell cover, this should add confidence to planning; if you choose to share any results, it must not disadvantage your offer under the law.
Next up, the corporate regulators roadmap. ASIC—the Australian Securities and Investments Commission—says it will review funeral insurance providers this financial year and finish its probe into life insurers customer service. Its also watching cyber resilience, the use of AI, and progress on a stronger Life Insurance Code of Practice. Expect more focus on clear communications and faster service; when comparing policies, weigh insurer service and governance alongside price.
Meanwhile, a cash flow reprieve from the ATO—the Australian Taxation Office. After announcing it would stop taking credit cards for tax from late November, the ATO will now keep accepting cards until 30 June 2027. That buys time for SMEs that lean on cards to smooth BAS and PAYG timing, but interest costs can bite, so lock in a realistic cash flow plan and avoid letting short‑term fixes become long‑term debt.
Finally, disaster recovery and small business resilience. New research finds catastrophe‑hit communities can have around ten per cent fewer small businesses two years after an event, and in very severe disasters it can be closer to one in five. For owners, that underlines the value of continuity planning: protect key people, safeguard debt and ownership transition, and keep essential documents and contact trees current so trading can resume quickly.
Thats the wrap. For clear explanations and to compare business life insurance for key people, partners and loans, visit business-life-insurance.com.au.
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
Coverage: The amount of risk or liability covered for an individual or entity by way of insurance services.
