Retail insurance provider HBF has launched a new life insurance product, which will be issued by Zurich Australia but promoted under the HBF brand.
Until now, the group has focused on providing health, travel, home and car insurance direct to consumers.
Managing director of the group Mike Gurry said: “As a not-for-profit mutual organisation, HBF needs to focus on generating growth in areas other than health insurance to reduce the pressure on health insurance premiums.”
As the largest travel insurer and fourth largest provider of home and car insurance, Gurry said the group had a proven track record in fostering growth outside the health market, and added that the life product had been well-received by members.
“Our life insurance product helps the policy holder’s family cope wit the repayment of debits, such as loans, mortgages, credit cards, some living costs, school fees and funeral expenses.”
The product, named Ezicover Term Insurance, aims to offer a wide range of options at a competitive price to other offerings available in the risk market.
The new launch follows the recent announcement that HBF and the Bank of Queensland (BOQ) has signed a Memorandum of Understanding to investigate the possibility of providing a select range of BOQ financial services to HBF’s 900,000 membership base.
HBF set up its own financial planning arm in 2004, and has doubled its operations since the original launch.
