Specialist life insurer NobleOak has announced the launch of a new product aimed at the self-managed superannuation funds (SMSF) market.
It said the product, SMSF Direct Life, would be sold via credit unions and non-bank lenders. It is aimed at helping SMSF trustees manage the insurance requirements inherent in regulations flowing from the Government's Stronger Super legislation.
NobleOak said the product would be launched early next month and was designed to offer flexible and affordable life cover for those people managing their own superannuation funds.
The company said the product could be adapted to suit the needs of trustees and members at each stage of life to ensure they had the most effective level of cover.
NobleOak chief executive Anthony Brown said he believed SMSF Direct Life would emerge as the best life insurance product for SMSFs on the market.
"The launch of this product is a timely," he said. "The change in the legislation highlights the importance of addressing under-insurance in Australia."
