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
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
