Independent platform provider Netwealth has launched an online insurance offering on its Super Wrap.
The new offering “combines the best ideas and features of a traditional retail policy with the convenience and cost savings group insurance provides”, according to netwealth director Matt Heine.
Developed in conjunction with AIG Australia, the product’s features include death cover to 75, death and total and permanent disability (TPD) cover, including own occupation definitions, standalone indemnity and agreed value salary continuance cover to age 65.
Life stage cover will be promoted to advisers and clients where members can apply for automatic cover increases to their death and TPD cover based on certain personal or business life stage events such as marriage or first mortgage commitment.
Heine said the new product offers competitive adviser remuneration structures that are “rarely available through group arrangements”.
“Advisers recommending the product will benefit from the ability to select from an upfront, hybrid or flat remuneration structure and gain efficiency by lodging new business underwriting details online,” he said.