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
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
