Christine Cupitt

For the first time, a landmark event will bring together industry leaders, innovators, and changemakers to discuss how life insurance can create meaningful change for all Australians.

‘Wild For Life 2025’, the inaugural conference of the Council of Australian Life Insurers (CALI), will be taking place at Taronga Zoo, Sydney, on 2 April 2025.

“We are at a pivotal moment in Australia. About 3.4 million people are underinsured to meet basic needs for income protection^[1]. Even more concerning, our research shows only one in three working Australians are aware of the life insurance coverage they have^[2],” said Christine Cupitt, CEO of CALI.

“That’s why we’re looking beyond the horizon to understand the changing needs of all Australians.

“At the conference we’ll be diving into conversations about how insurers can better support women, Gen Z and Gen Alpha, and people with mental health challenges.”

Attendees will make valuable connections with industry peers and gain insights from experts, policymakers, regulators, and consumer advocates.

A highlight is set to be a panel discussion on better serving women, including:

• Jamila Rizvi, a leading advocate, best-selling author, opinion columnist, podcast host, and gender equality advocate. As the Deputy Managing Director of Future Women, she champions gender equity in Australian workplaces by driving professional development, advocacy, and fostering a supportive community for women.
• Deanne Stewart, the CEO of Aware Super is an expert in super, wealth, and insurance. She is a strong advocate for gender equality and was honoured by the Workplace Gender Equality Agency as a pay equity ambassador in 2019.
• Trish Gregory, CFP®, a millennial certified financial adviser and ReCALIbrate winner. She is renowned for her passionate advocacy for financial freedom and supporting women to enter the financial planning profession.
• Dr. Rebecca Huntley, one of Australia’s foremost researchers on social trends and a Fellow of the Women’s Leadership Institute of Australia and The Research Society. She leads CALI’s research work and has played an instrumental role in the Climate Compass, Gender Compass and Community Compass projects, which look at how Australians feel about critical issues in the community.

“Wild For Life 2025 isn’t just another industry event—it’s a call to action. This conference will challenge us to think bigger and act bolder in how life insurance serves Australians,” said Kent Griffin, CEO and Managing Director of MLC Life Insurance (becoming Acenda).

“With real conversations, real collaboration, and real outcomes, this is a unique opportunity to drive lasting change.”

CALI is also kicking off the 2025 review of the Life Code at a two-hour workshop, where attendees will help shape its foundations and deep dive into how it could better support Australians experiencing mental health challenges.

“This is a fantastic opportunity for attendees from all parts of the life insurance ecosystem to influence the future of the Life Code and help shape its next evolution,” Ms Cupitt said.

Get your ticket

———

Notes:
[1] Deloitte (previously Rice Warner), Underinsurance in Australia, 2020
[2] CALI Life insurance sentiment survey wave 6, December 2024

The post Wild For Life 2025—industry leaders unite to transform life insurance in Australia appeared first on AdviserVoice.

Rebecca Huntley

There’s nothing new to say about the cost-of-living pressures. It’s here, it’s real, and it’s being felt by individuals and families across the country, even those with well-paid full time jobs.

With many women holding the pen on their personal and family finances, it’s women who are largely trying to find the balance between planning for the future and just getting through today.

And as living costs continue to rise, we’re being forced to make tough decisions and cut out things we previously deemed “essential” for our safety net– like life insurance.

I recently led research on financial resilience and well-being, done on behalf of the Council of Australian Life Insurers, which found that women disproportionately feel that cost of living has impacted their ability to pay for life insurance, compared to men.

The research found that many Australians feel that life insurance provides financial security and a sense of security for their loved ones, with 92% of Australians satisfied with services received from their life insurer directly.

However, 68% of participants were concerned that cost of living pressures would impact their ability to afford to continue paying for life insurance.

In focus groups, women of all ages talked about their high levels of anxiety that they won’t be able to deal with rising costs.

From how expensive everyday essentials have become, a sense of hopelessness about housing affordability, and an inability to save for unexpected expenses, challenges to our financial well-being are coming from every direction.

One participant, a mid-career level woman from Victoria, told me “it feels like everything is going up” and “there’s just this constant pressure with the financial part of everything”.

Conversations with women during the research revealed just how acutely aware of this ‘increase in the cost of everything’ we are, particularly in comparison to some male participants. Not only are women more likely to be the ones doing the supermarket shopping or paying for education and health costs, we are increasingly making the decisions in relation to things like insurance. This adds to the mental load we already carry.

Women particularly expressed fear of burnout and exhaustion, and yet our research found that 75% of Australians are unaware that life insurance can also include mental health cover.

Life insurers are the largest private sector provider of financial support for people experiencing mental health concerns and yet only a third of Australians would turn to their life insurance provider for financial assistance in the event they were unable to work due to a mental health challenge. The majority would simply turn to family and friends or perhaps try their hand at gaining government assistance payments.

Interestingly though, the research identified that Australians are also concerned about being underinsured. But, for some people, the cost of seeking professional financial advice is just too great. And so, again, family and friends are relied upon to offer up their free advice.

Add all of this to recent data^[1] which shows a still appalling gender pay gap in this country, and it is clear that in this moment, Australian women face a “perfect storm” of financial pressures and challenges that makes for a very wobbly, untangled safety net.

And now, many women are walking through this perfect storm without any protection from the elements. We are less likely to have any form of life insurance or income protection compared to men. Aside from the burden of cost, this points to women not valuing our financial worth as much as men, not always seeing the need to insure ourselves because we are not the primary earner and not realising that our unpaid work is just as valuable. This can have long term implications on our financial security and wellbeing as we get older and reach later life stages.

Addressing this will take significant time and effort. The cost-of-living crisis will not be resolved overnight, and the many undue pressures women face in so many aspects of work and home life requires more than just reflection. It requires action.

There are small but significant steps that can be taken to make some immediate progress.

The federal government needs legislation to allow insurers to provide simple advice on products and help Australians navigate our current state. It is hoped that consultation and draft legislation for this will occur within months.

Through the research I conducted, one message was particularly clear: the financial advice needs of women are not being met.

More can and should be done to ensure women have access to suitable, affordable financial advice and insurance that protects them and their families when they need it most. 

Rebecca Huntley is director of research at 89 Degrees East. She is a fellow of the Research Society of Australia.

By Dr Rebecca Huntley, director of research at 89 Degrees East and a fellow of the Research Society of Australia.

———

Notes:
[1] https://ministers.pmc.gov.au/gallagher/2024/gender-pay-gap-drops-historic-low

The post Women need a safety net from life insurance during cost of living perfect storm appeared first on AdviserVoice.

(L to R) Rebecca Huntley and Deanne Stewart

A new report^[1] from social researcher Dr. Rebecca Huntley, commissioned by Aware Super, highlights the cost of Australia’s inaction on climate change and calls for the Federal Government to add substance to rhetoric by committing to net zero by 2050.

The report, titled Building back better: the intersection of climate solutions, healthy people, and thriving communities, highlights that we have a once in a generation opportunity for Australia to reset and refocus our economy following COVID-19.

CEO of Aware Super, Deanne Stewart, said if our COVID recovery is focused solely on getting back to where we were 12 months ago, it would be a wasted opportunity: “Before COVID-19 our economy was stagnant, our labour force was casualising in the gig economy and inflation was stubbornly stalled below the Reserve Bank’s target range.

“At the same time the cost of living for Australians continued to swell, driven by factors such as energy prices and the housing market. We don’t want to return to that – we need to reshape the Australian dream.

“This is our chance to tackle, head-on, the most significant challenges on our horizon and build back better as a nation.”

Ms. Stewart added: “Our work with Dr. Huntley highlights the opportunity that climate solutions offer for our nation in fostering employment, driving new prosperous industries, and delivering cleaner, cheaper energy that will directly and positively impact Australians’ hip pockets.

“Importantly, Building Back Better also illustrates the critical link between climate change, our health and our communities. This must be factored into how we understand the impact of climate change on communities right across Australia.”

The report highlights the significant work of Australian businesses, communities, local and state governments, and individuals on climate solutions and net zero initiatives and the results they drive. By strengthening our country’s climate targets and policies, in line with net zero emissions by 2050, Australia could create $63 billion in fresh investment opportunities^[2] and could reduce the average annual electricity bill for households by at least $550 a year.^[3]

Research also shows that climate change and severe weather events may cost us more than $19 billion by 2030 from loss of jobs and agriculture^[4] . By 2050, it could cost us 310,000 jobs annually and reduce our economic growth by 3.6% per year; by 2070, that is a $3.4 trillion economic loss^[5] .

Dr. Huntley called on the Federal Government to move the climate conversation forward with meaningful action: “We are hearing positive talk about climate solutions from our Government, but this is yet to translate to action. It is costing taxpayers dearly, and the longer we stand still, the more it will cost us in the future.

“Many Australians already have solar panels on their roofs – they see the benefit to their own hip pockets and the environment. Many private businesses have called for a price on carbon or are investing in renewable innovation or reskilling workers to enter greener industries. There is strength in numbers, and what we need now is for Government to come to the party.”

Ms. Stewart added: “As the country’s second largest super fund, we have the power to significantly impact the future of not only our 1.1 million members but of the wider community through the sustainable investment decisions we make every day. Through investments in infrastructure, a transition to alternative energy sources, and affordable housing, all critical themes identified in our report, we can help jump start our economy post-pandemic.

“Capitalising on climate action is the logical next phase for Australia’s growth. It’s not about activism; it simply makes smart business sense.”

Read the report.

——

[1] https://aware.com.au/campaigns/build-back-better
[2] Investor Group on Climate Change
[3] Energy Security Council
[4] Climate Council Report
[5] Deloitte, A new choice – Australia’s climate for growth

The post Reshaping the Australian dream: post-pandemic recovery hinges on climate action appeared first on AdviserVoice.