Advisers embrace new-style insurance product

Recently launched insurance product from Macquarie Life, Macquarie Life Active, has reached a $1 million milestone in premiums, with 180 advisers having submitted applications for the product.

The product has broken new ground by encapsulating life, trauma and total permanent disability (TPD) cover within a single policy and allowing the client to make multiple claims throughout their lifetime as they were required.

Head of Macquarie Life, Justin Delaney, said it is encouraging to see this product being embraced by advisers and their clients.

“Macquarie Life Active was borne out of the past learnings and best practices of three key markets, Australia, the United Kingdom and South Africa, which are all at different stages of maturity and development when it comes to life insurance.

“The feedback we’re hearing from advisers is that due to the structure of the product, moving away from an all or nothing approach towards tiering severity then matching that to the client’s financial need, it is easier for an adviser to explain the product and, most importantly, the clear benefit to the client,” Delaney added.

Macquarie claimed cost efficiency was another key concept for this product, with the single policy being cheaper to buy than purchasing three separate covers.