Life insurance advice in Australia has faced significant challenges over the past decade—shrinking advisor numbers, regulatory pressure, and evolving product dynamics. Yet, beneath those challenges lies a powerful contradiction: demand for advice has never been higher.
In this conversation, Sam Perera—one of the most experienced voices in the sector—offers a grounded and deeply practical perspective on what it takes to build a successful risk business, why insurance advice still matters, and where the industry is heading next.
At its core, financial advice is often framed as a technical discipline—focused on superannuation, investments, and insurance structures. But Perera challenges that framing.
While acknowledging the importance of technical knowledge, he emphasises that advice is fundamentally about people. In his view, the profession sits alongside other trusted fields like law and medicine, but with a key distinction: financial advisors must combine technical expertise with behavioural insight and coaching.
Much of the real work lies in helping clients understand risks they cannot immediately see, and guiding them toward decisions that protect their future—even when those decisions are uncomfortable.
This blend of technical and human skill is what initially drew him to the profession—and what has sustained him over a 20-year career.
One of the most striking aspects of Perera’s business is its stability. Team members have remained with the firm for over a decade, reflecting a culture that prioritises relationships and long-term alignment.
Rather than attributing success to systems or scale alone, he points to people as the most valuable asset in any advice business. A strong, consistent team not only improves client outcomes but also creates resilience—particularly in an industry that has experienced significant disruption.
Over time, this foundation has allowed the business to evolve from having no clients to servicing a large national base, supported by both human infrastructure and improving technology.
Looking back on his journey, one lesson stands out above all others: the importance of mentorship.
Early exposure to experienced professionals provided both guidance and aspiration—helping shape not only technical capability, but also mindset. Surrounding himself with individuals “kicking bigger goals” created a standard to work toward, while also offering practical support in navigating challenges.
While his own mentoring today is more informal, the principle remains central: growth in advice is rarely achieved in isolation.
A defining feature of Perera’s perspective is his view of advice as both a profession and a business.
From early in his career, he recognised the commercial opportunity within financial advice—not as a conflict with client outcomes, but as a complement to them. Delivering meaningful value to clients and building a profitable business are not mutually exclusive; in fact, they often reinforce each other.
This mindset is particularly evident in his approach to life insurance, which he sees as both:
The most successful practices, he notes, tend to integrate both perspectives effectively.
When discussing the future of life insurance, Perera describes the industry as existing in a “tale of two cities.”
On one hand, there are clear challenges:
On the other hand, the opportunity is significant. Australia remains a wealthy and growing economy, yet underinsurance is widespread. This creates a scenario where demand is high, supply is limited, and the need for advice is clear.
For advisors willing to engage, the opportunity is substantial—even if the environment is not without friction.
One of the most pressing issues in the current market is the treatment of mental health within underwriting.
Perera highlights that insurers have become increasingly cautious, often applying exclusions even for historical or episodic conditions. This reflects broader challenges within product design—particularly in areas like Total and Permanent Disability (TPD), where definitions and structures have not fully kept pace with changing claim patterns.
For advisors, this creates both a technical and communication challenge.
Rather than avoiding the topic, Perera advocates addressing it early in the client relationship—setting expectations before underwriting decisions are made. By explaining the broader industry context, advisors can reduce surprise and manage client reactions more effectively.
This approach reinforces a key principle:
good advice is as much about expectation management as it is about product selection.
In contrast to highly structured, system-driven approaches, Perera’s client process is intentionally conversational.
Initial meetings focus less on formal fact-finding and more on understanding the client’s situation, priorities, and risks. Through discussion—often visual and conceptual—clients are guided to consider “what if” scenarios, such as the financial impact of death or disability.
This approach reflects his belief that value lies not in prescribing solutions, but in helping clients understand the consequences of inaction.
While documentation and pre-assessment tools play a role later in the process, the foundation is always a human conversation.
A recurring theme throughout the discussion is the role of insurance within broader financial planning.
Rather than viewing it as a secondary or optional component, Perera frames it as foundational. Without adequate protection, even the most well-constructed financial plan can unravel under adverse circumstances.
This perspective aligns with a simple but powerful idea:
wealth creation strategies only matter if they can be sustained.
For advisors, this creates a responsibility—not just to offer insurance, but to actively engage clients in conversations about risk.
For many advisors, the true value of insurance becomes clear only when a claim occurs.
Perera describes this as the most rewarding aspect of the profession—supporting clients through difficult moments and delivering outcomes that can fundamentally change their lives. Whether it is providing financial relief during illness, supporting recovery from trauma, or ensuring family stability after a loss, the impact is both tangible and immediate.
It is this experience, more than any commercial incentive, that underpins his long-term commitment to the sector.
Despite the challenges, Perera’s message to advisors is clear: engage more actively with insurance, not less.
He encourages even those who are not specialists to start small—introducing protection conversations into client reviews and gradually building confidence. The goal is not perfection, but participation.
Over time, this can be as simple as setting a consistent target, such as helping one additional client per month access appropriate cover.
The broader objective is to rebuild momentum within the industry—expanding the pool of insured Australians and strengthening the overall market.
In terms of industry direction, Perera remains cautiously optimistic.
While major regulatory changes—such as increases in commission structures—appear unlikely in the near term, there are positive signs emerging from within the industry itself. Product innovation, particularly in areas like TPD, is beginning to address some of the structural challenges, with insurers gradually adapting to changing claim patterns.
Progress, however, is likely to be incremental rather than immediate.
The future of life insurance advice will depend less on external intervention and more on internal action—by insurers, advisors, and industry leaders working collectively to improve products, processes, and engagement.
At its heart, this conversation is not just about life insurance—it is about the role of financial advice more broadly.
It is a profession that sits at the intersection of technical knowledge and human impact, requiring both expertise and empathy. While the environment may be challenging, the underlying purpose remains clear: helping clients navigate uncertainty and protect what matters most.
For those willing to engage with that responsibility, the rewards are significant—not just commercially, but personally.
Because in the end, life insurance advice is not about policies or premiums.
It is about being there when it matters most.