ReCALIbrate gives chance for women to ‘reshape life insurance’

The Council of Australian Life Insurers (CALI) has launched the inaugural ReCALIbrate program, which will provide $2,000 grants to five mid-career, female financial risk advisers to attend the Financial Advice Association Australia (FAAA) Congress in November.

Notably, each ReCALIbrate recipient will also be paired with a senior female life insurance industry leader and have the opportunity to have two in-person or virtual meetings.

According to the body, the purpose of these meetings will be to provide a forum for mentorship, learning, support and advice to ensure women continue to engage with the industry and benefit beyond the event.

“CALI believes it is important to play our part to foster the next generation of female financial risk advisers to ensure a strong pipeline of talent and leadership while also addressing the decreasing number of financial advisers in Australia,” commented Christine Cupitt, chief executive officer at CALI.

Ms Cupitt further emphasised CALI’s passion for finding ways to make life insurance more inclusive so that the industry “reflects the community we serve”.

“Men outnumber women at industry conferences for many reasons, including juggling family and carer responsibilities with day-to-day work. We want to do more to create opportunities for women in our industry.”

CALI board member and managing director of Clearview Wealth, Nadine Gooderick, added: “Risk specialists play an important role in helping people understand their life insurance needs, secure adequate cover and, at claim time, get benefits paid.”

“Women have traditionally been under-represented in financial services but that is gradually changing and we want to do our part to encourage women to pursue a career in risk advice and foster a diverse, inclusive industry,” Ms Gooderick continued.

“We applaud CALI’s ReCALIbrate initiative and have a shared desire to encourage engagement among female financial risk advisers and foster the next generation of female talent. We look forward to welcoming the ReCALIbrate recipients to the FAAA Congress in November,” concluded Sarah Abood, chief executive of FAAA.

The launch comes after Integrity Life announced last week that it will no longer be writing new life insurance policies in its retail advised channel, with the firm clarifying that the decision was based on the dwindling number of advisers providing risk advice.

Ms Abood has also previously noted that she has seen figures that point to as few as 1,200 advisers around the country specialising in the area.

However, WT Financial Group chief executive Keith Cullen, in an opinion piece written for ifa, stressed that retail life insurance is more than an add-on to comprehensive financial advice.

“It serves as a financial bulwark for individuals and families, shielding them from unexpected financial adversities. Disregarding this critical element exposes clients to considerable risks,” Mr Cullen said.

He highlighted that new business in the retail life insurance market has contracted by 37 per cent over the past four years, and with constant regulatory changes that have made the provision of risk advice more difficult, advisers have departed the space rapidly.

“Advisers who sidestep personal risk insurance can inadvertently set their clients on a path strewn with potential financial landmines,” Mr Cullen reasoned.

“Without sufficient insurance, an unforeseen illness or accident can escalate a manageable situation into a financial catastrophe. By advocating risk insurance, we can steer clients away from these uncertainties and fortify their financial future.”