Advisers offer risk for impaired
TWO Associated Planners have started a specialist risk insurance business offering life insurance to individuals who would normally be ineligible due to prior conditions such as heart attack, stroke or cancer.
Special Risk Managers is an extension of the financial planning business of Ian Satill and Ricky Lockitch, who both operate a practice under theAssociated Plannersbanner in Sydney’s northern suburbs.
Satill says the new business currently only offers life insurance cover to clients who do not have terminal conditions but have suffered events like a heart attack, which normally disqualifies them from gaining cover elsewhere.
Other forms of insurance, such as income protection, trauma and total and permanent disability may be available, but Satill says this will only be the case once the client has been underwritten for life insurance.
Satill says the life insurance policies will come with higher premiums reflecting the pre-existing conditions of the clients.
The business, which is the first of its type in the market, was launched last November and has received business referrals from other advisers in the network and via a marketing campaign with medical specialists.
However Satill, who suffered a heart attack himself last year, says the new practice is now receiving five new enquiries each week, with many from women seeking cover for male partners.
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