ASIC has announced that TAL Direct Pty Limited (TAL) which sells funeral insurance products under the brand ‘InsuranceLine’ agreed to change its products following ASIC raising concerns regarding TAL’s advertising of funeral insurance.
ASIC was concerned that in TAL’s advertising of its funeral insurance product:
- premium increases and stepped premiums were not adequately disclosed or explained;
- qualifications relating to advertised prices were not sufficiently prominent; and
- quoted prices were not representative of the imagery used in the advertising, including the age of the actors.
TAL withdrew its existing funeral insurance advertisements in June 2013, and announced the introduction of its new range of funeral insurance products, with policy features including:
- level premiums for the life of the policy; and
- capped premiums.
