Amway’s new lease on life
A new intermediary distribution channel appears to be opening up with the announcement by Amway that it is to distribute life insurance through its sales network.
Amway distributors will not directly offer financial advice on the product but will alert a separate company, AFS Financial Services, if a customer expresses interest in the life insurance product. AFS then sends an application kit out to the client.
AFS is a joint venture between Amway and South African based Capricorn Group set up to distribute financial services through the Amway network. Other products on the drawing boards include personal loans, car loans and leasing products. Amway already has an arrangement with QBE Insurance for distributing general insurance products including home and contents policies.
The life insurance product offers death benefits and terminal-illness benefits for a monthly premium and is underwritten by Lumley Life.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
