Zurich updates life products
The life insurance market seems to have been focused on product updates and enhancements over the past couple of months, with Zurich being the latest player to introduce changes to its existing offerings, following similar moves by BT and AIA.
Zurich announced it had simplified business expenses cover targeting small businesses, which would serve as an optional add-on within its income replacement policy.
Colin Morgan, general manager for life Australia, said small businesses remained amongst the largest underinsured segment in the country.
“Ninety-two per cent of small business owners have no business expenses cover, and are unaware this leave them at great financial risk,” Morgan said.
“This is an area of insurance that advisers have traditionally not provided much advice on, often because of the perception that it is a difficult type of product to claim on,” he sad.
Zurich had also introduced three levels of cover to its Income Replacement policy — Standard, Comprehensive and Premier — which the insurer said would provide benefits suited to different levels of clients’ income.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.