Simple product suite to include whole-of-life cover

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A suite of simple products designed to help consumers navigate the financial services market is to include a whole-of-life insurance plan.

The product will be in addition to an easy access savings account; a 30-day notice account; a regular savings account; and a simple-term life insurance product. There are also plans for a simple income replacement product. The range is outlined in the final recommendations of a report into simple products put together by an independent steering group set up by government. All products included in the suite will be non-advised and must comply with an agreed set of high-level principles, including product features, language and pricing transparency. The language used in simple produc...

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