NOTICEBOARD November 2011

Version 32 of the GPS is the same as the previous.

News:

1. TOWER Life Limited is now TAL Limited

2. AIA Australia Limited now supports the GPS

Our team at The GPS would like to thank all supporting life companies and their advisers who have helped us make this a life insurance industry standard.

WHAT IS The GPS?

The GPS has been designed for the use of advisers to assist in streamlining the insurance application process.

The GPS provides insurers with the standard information necessary to start the underwriting process on the person to be insured.

It replaces all the personal health, occupation and activities questions which are usually in the insurer’s product-specific application form and it can be used to place cover with a single company or to place components of cover (eg income protection and term/TPD) with more than one company, regardless of the policy ownership or benefit amount.

The GPS can be used to gather information either as part of fact finding or later in the advice process.

It should be accompanied by, and attached to, the insurer’s product application.

Whilst it should not be used to “shop” cases around the market it will facilitate the re-application to another insurer if one declines cover and another indicates a willingness to underwrite, for example.