Australia’s leading independently owned licensee, Synchron, today announced that they continue to push to create a new fixed term level product, designed to offer Australians with more options when selecting life insurance.
Speaking to journalists at a media briefing in Sydney this afternoon, Synchron Director Don Trapnell said the time is ripe for a new life insurance product that meets the changing needs of financial advisers and their clients.
“Fixed term level life insurance products have been widely available in international markets for some time, and we think it’s time that Australians had more choice when it comes to how they structure their life insurance solutions,” Mr Trapnell said.
Mr Trapnell said he saw the opportunity to introduce a refreshed approach to life insurance following a visit to the UK last year with Synchron Independent Chair, Michael Harrison.
“We knew Australians would value a life insurance product with more level premium pricing and timing options to meet their current and future needs. We approached several Australian life insurers with this brief and were delighted to find AIA Australia was up for the challenge and looking at similar insurance solutions.”
Mr Trapnell said the aim of the new product, which is expected to be finalised later this year, is to provide greater flexibility for advisers, while meeting the needs of their clients and providing them with greater certainty.
“Once launched, the new product will offer Australians fixed level premiums that can change over time to better reflect their life stage and situation,” Mr Trapnell said. “The client will enjoy guaranteed renewability – meaning they can continue after a fixed term and no additional underwriting would be required.”
AIA Australia’s Retail Product Manager, Steve Baxter, said the new product would give Australians even more choice and flexibility when it comes to tailoring life insurance solutions.
“While we’re keeping much of the detail under wraps for now, what we can reveal is that soon clients will be offered fixed term level premiums that complement current stepped and level options,” Mr Baxter said. “This means advisers will be able to better align the products to meet the specific needs of individual clients. We commend the leadership position Synchron is taking on this.”
