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
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
