Terms and Conditions of our Refund Service

Commission Refunds

The refunds of commissions are subject to you being entitled as set out in the section headed Entitlement to Commission Refunds.

Life Insurance Direct Commission Refund Service is a NON ADVISORY service. With this service you are 100% in control and empowered to select and administer your own policy. All information has been prepared without taking into account your personal objectives, financial situation and particular needs of any particular person.

Life Insurance Direct can vary the amount of commission refunds, or the manner of calculation and payment of them, by an amendment to these Terms and Conditions, notice of which will be published on the Life Insurance Direct website.

Life Insurance Direct will refund a portion of trailing commissions we receive in respect of the financial products you hold, which are eligible for, pay a trail commission and which you have appointed Life Insurance Direct to collect on your behalf.

Those who have registered for the Life Insurance Direct Refund Service will have trailing commissions refunded as outlined in the table below.

Total value of Trail commissions received per member, per annum% refunded to you as Yearly Cash-Back% retained by Life Insurance Direct
First $ 500%100%
Balance over $ 5050%50%

We do not refund any initial commission which is paid to us by the provider of your financial products and received by us.

Entitlement to Commission Refunds

On each anniversary date of your membership, you will then be entitled to a refund of the commissions as outlined by the current Terms and Conditions of this service at that time. If these Terms and Conditions are terminated for any reason (e.g. you switch brokers or leave our service), then on and from the date of termination We will no longer be liable to refund to you any commissions collected as per the Terms and Conditions.

Payment of your Commission Refunds

The amount of your refund will be calculated as at each anniversary date of your registration to the service in accordance with the Terms and Conditions effective at the anniversary date. We will pay to you your refund within 30 days after your anniversary date by direct debit to your nominated bank account.

We will not be obliged to pay your refund unless and until the trailing commission has been received by us and you have provided us with current bank account details so that any commission may be directly deposited into your nominated account.

You are responsible to ensure we hold your current bank account details. If at the time we are due to refund and pay a commission to you, and your account details are not current, we may retain the trailing commission and are not obliged to pay you that commission.


You may terminate your registration and therefore to the Terms and conditions to our Refund Service without notice to us, however we may terminate these Terms and Conditions immediately if you have breached our Terms and Conditions. We may update or terminate these Terms and Conditions by giving you 30 days written notice if we determine in our reasonable opinion that Life Insurance Direct Refund Service may no longer be provided in an economically viable manner.

Notice will be given to you by email and published on our website. It is your responsibility that you ensure your email address is current and valid to receive all communication from us.

If these Terms and Conditions are terminated, our agreement to provide your access to the Life Insurance Direct Savings and Rewards program, access to any online login systems ends immediately and any eligibility to refunds collected terminates immediately and we are not liable to you for any trailing commissions we may have collected up until this date.

Published: July 1, 2016
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