Manchester Unity adds life
Friendly society Manchester Unity has joined forces with MetLife to offer life insurance to its members.
A special policy has been designed by MetLife to provide up to $1 million of cover for death or terminal illness.
Called Simply Life, Manchester Unity chief executive John Brogden said offering life cover was an expansion of its health insurance business, which it had been offering to members for more than 165 years.
“Simply Life policy benefits include paying Manchester Unity health insurance premiums for up to six months if the policyholder is temporarily sick or injured,” he said.
“It will also pay an advance funeral benefit to assist with the costs of a funeral.”
The cost of a policy for the friendly society members will depend on the normal conditions that affect pricing of life products.
Brogden said normal conditions such as age, sex, smoking status, occupation and risk-taking habits would affect the policy premium.
“People who do not smoke and those who do not undertake unusual risks in their occupation or pastimes will pay less than those who do,” Brogden said.
“A 43 year-old male non smoker can get $200,000 life cover for just $28.18 per month.”
He said despite the product being out-sourced to MetLife, the friendly society was ensuring the service levels were the same as it offers with its health insurance.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
