Life Insurers Urge Government Action on Mental Health Funding
Life Insurers Urge Government Action on Mental Health Funding
The open letter applauds the Albanese government for its significant financial commitment aimed at enhancing mental wellbeing services across the country. It emphasizes the urgency of activating this funding to enable broader access to mental health care for Australians in need. "A thriving economy relies on a comprehensive approach to mental health as an integral component of national wellness," the letter asserts.
As the government prepares to convene a three-day economic roundtable, the letter calls for a collaborative response to the ongoing mental health crisis. It advocates for enhanced resources in both public and private care systems, focusing on early treatment measures. Additionally, bolstering the mental health workforce is highlighted as a critical area for investment.
Christine Cupitt, CEO of CALI, highlights the economic benefits of prioritising mental health interventions. "Addressing the mental health crisis could emerge as the most impactful productivity reform in Australia this decade," Cupitt states, emphasising the role of life insurers in upholding the nation's financial safety net. However, she notes that people often seek insurance support after depleting other options, making recovery and return to work significantly challenging.
Statistics reveal the gravity of the issue, with mental illness ranking among the top causes of temporary and permanent disability for Australians under 30. The Productivity Commission underscores the economic impact, estimating mental health issues cost the national economy as much as $220 billion annually.
This campaign for immediate governmental action reflects a broad consensus within the financial and health sectors that timely investment in mental wellness is both a societal need and an economic imperative.
Published:Tuesday, 19th Aug 2025
Source: Paige Estritori
Share this news item:
| Regulatory Scrutiny Reveals Ongoing Failures in Direct Life Insurance Sales 20 Aug 2025: Paige Estritori The Australian Securities and Investments Commission (ASIC) has released findings from a recent review, revealing persistent deficiencies in the direct sales practices of the life insurance industry. Despite heightened scrutiny following the Hayne Royal Commission, challenges remain in several key areas, including product design, sales strategies, remuneration, and customer complaint handling. - read more |
| Life Insurers Urge Government Action on Mental Health Funding 19 Aug 2025: Paige Estritori Life insurers in Australia have joined forces with mental health advocates to press the federal government to honour its $1 billion pledge for mental health initiatives. The Council of Australian Life Insurers (CALI) is among the key signatories of an open letter organized by Australians for Mental Health, urging swift action on funding allocation. - read more |
| Victorian Resilient Homes Initiative Supported by Insurance Council 18 Aug 2025: Paige Estritori The Insurance Council of Australia (ICA) has expressed strong support for a Victorian initiative proposing a resilient homes scheme, akin to those currently operating in New South Wales and Queensland. This recommendation emerged from a comprehensive inquiry into climate resilience conducted by Victoria's Legislative Council Environment and Planning Committee, which presented 93 findings alongside 82 recommendations this week. - read more |
| Broker Ordered to Compensate Client for Uninsured Fire Losses 15 Aug 2025: Paige Estritori A recent ruling mandates an insurance broker to pay nearly $300,000 in compensation to a client after an insurer, QBE, declined a fire claim and cancelled the policy due to nondisclosures. The fire, which occurred in October 2022, severely damaged the commercial premises. QBE asserted that they would have denied coverage had they known about asbestos on the property, among other unreported issues. - read more |
| The Essential Guide to Travel Insurance for Australians on a Working Holiday in Canada Welcome to your guide to embark on an amazing journey from Australia to the breathtaking landscapes of Canada on a working holiday. This adventure presents an inviting blend of work and travel, allowing you to immerse yourself fully in Canadian culture while supporting your explorations financially. - read more
|
| How to Prepare Financially for Unexpected Sickness Life is full of surprises, and unfortunately, not all of them are pleasant. Unexpected sickness can strike anyone at any time, and when it does, it can have a significant impact on your income. Whether it’s a sudden illness, a chronic condition, or an accident, the loss of income can add stress to an already difficult situation. - read more
|
| Estate Planning and Insurance: Safeguarding Your Legacy in Australia Estate planning is a critical process often overlooked, yet it serves as the cornerstone of ensuring that your legacy is protected and seamlessly passed on to your loved ones. It's about securing your financial future and guaranteeing that the assets you've toiled to amass are distributed according to your wishes. In the intricate world of asset protection and family security, being well-informed can make all the difference. - read more
|
| Why Income Protection Insurance Is Essential for Australians Income protection insurance is a type of personal insurance that provides financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, helping you manage daily expenses and financial commitments during recovery. - read more
|
A fixed amount you pay for a covered healthcare service, usually when you receive the service.