ANZ Wealth has introduced an online service to help advisers prepare for the Life Insurance Framework (LIF) taking effect on January 1.

The LIF Hub explains how OneCare commissions will be paid under the new regulations and suggests ways advisers can enhance their services.

“We know our advisers have many questions about the changes the LIF reforms will bring and we have made it a priority to provide them with the right tools and information to prepare for the new environment,” Head of Life Insurance Gerard Kerr said.

 Legislation for the framework passed in February, paving the way for major changes.

Upfront commissions to advisers will be gradually reduced to a maximum 66% of premium from January 2020. Trail commissions will be capped at 22% from January for policies incepted after that date.