POWERED BY MOMENTUM MEDIA
Former MLC CEO backs new life insurance entrant
Market entrant iExtend, backed by former MLC and Perpetual chief executive, Geoff Lloyd, will target life insurance policyholders wanting to cancel their policies by providing them with another option.
The firm launched a new life insurance offer which would see it partner with life insurance owners to share co-ownership of the life policy, paying ongoing premiums on the cover which would have otherwise been cancelled.
According to iExtend, the new solution would address the fact that currently many Australians facing retirement on reduced disposable incomes were driven to cancel their policies due to increasing insurance premiums.
The company also said it was working with adviser networks across the advice industry, including self-directed advisers which represented the largest adviser segment of the licensed advisers in the market and they were responding to the opportunity to maintain relationship they had with their clients and to deliver on their ‘best interest’ obligations.
At the heart of the iExtend offering and its market approach was its leadership team which included former executive director of Bankers Trust Australia, Rodney Payne, who had been appointed Chairman, and co-founder and former chief executive of MLC and Perpetual, Geoff Lloyd, who was chair of advisory board.
“We are excited to be bringing this flexible and innovative life insurance option to the Australian market and to provide a social wellbeing and quality of life benefit to those we partner with whilst also helping the insurance industry provide sustainable products and continue to service this market segment,” iExtend chief executive, David Sarkis, said.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
32.50 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.45 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
30.48 3 y p.a(%)
