Steps to become a Life Insurance Adviser
Step 1: Complete an ASIC-Approved Bachelor’s Degree
Enrol in a bachelor’s degree approved under ASIC’s education rules. Suitable options include a Bachelor of Commerce (Financial Planning) or a Bachelor of Business (Financial Planning) at an Australian university. Related bachelor’s degrees with approved financial planning subjects also qualify. Full-time study takes 3 years. Online and on-campus options are available. Check that your chosen degree is on the ASIC-approved course list before you enrol.
Step 2: Pass the Financial Adviser Exam
Sit and pass the national Financial Adviser Exam run by ASIC. The exam tests knowledge of financial advice law, ethics, and client engagement under the Corporations Act 2001. You can sit the exam in your final year of study or after you graduate. It covers the Financial Planners and Advisers Code of Ethics 2019 in detail.
Step 3: Complete a Supervised Professional Year
Work for 12 months as a provisional adviser under the guidance of a registered senior financial adviser. You must complete 1,600 hours of work and a set range of activities. These activities cover client advice, technical skills, and professional standards. Your supervisor must appear on the ASIC Financial Advisers Register. Many planning firms run structured professional year programs.
Step 4: Get Authorised Under an AFS Licence
Apply to be an authorised representative of an AFS licensee, or get your own AFSL through ASIC. AFSL stands for Australian Financial Services Licence. Most new advisers join a planning firm as an authorised representative. The firm holds the licence and oversees your conduct. You will then appear on the ASIC Financial Advisers Register as an authorised adviser.
Step 5: Join the FAAA and Meet Annual CPD Requirements
Consider joining the Financial Advice Association Australia (FAAA), the profession’s peak body. ASIC requires all financial advisers to complete at least 40 hours of CPD each year (ASIC, 2024). CPD covers rule updates, insurance products, ethics, and communication skills. FAAA membership gives you access to resources, events, and ongoing development.
A Life Insurance Adviser spends their day talking to clients and reviewing their cover needs. They write up advice that matches each client’s situation. They also lodge policy applications, handle renewals, and stay on top of ASIC regulations. Building strong client relationships is a big part of the job. Most new business comes through referrals and repeat consultations.
Life Insurance Advisers help clients protect what matters most. Every day they consult, research, and advise. The list below shows the main tasks involved in the role.
- Client Consultation – Talking with clients to understand their financial goals and cover needs.
- Needs Analysis – Assessing each client’s situation and finding gaps in their current cover.
- Policy Recommendations – Recommending suitable life, TPD, trauma, or income protection policies.
- Application Assistance – Helping clients complete and lodge their insurance applications.
- Claims Support – Helping clients understand the claims process and what to expect.
- Policy Reviews – Checking in with clients as their life circumstances change.
- Market Research – Staying informed about new products and ASIC regulatory updates.
- Compliance – Meeting best interests duty requirements under the Corporations Act 2001.
- CPD – Completing at least 40 hours of professional development each year (ASIC, 2024).
Life Insurance Advisers need a mix of people skills and financial knowledge. Strong communication is the most important ability. Advisers explain complex insurance concepts to clients who may have never thought about cover before.
Detail-oriented, organised, and trustworthy are traits that matter in this career. Clients share personal information about their health and finances, so integrity and professionalism are key.
Analytical thinking helps match the right policy to each client’s situation. ASIC requires financial advisers to complete at least 40 hours of CPD each year (ASIC, 2024). Staying on top of new products and rules is part of what makes a great adviser.
