Partners Life plans more shake ups
Partners Life is looking to shake up the market again with two very new life insurance products.
Friday, February 28th 2014, 11:48AM
The company’s head of products, Steve Wright, says it has been looking at issues such as people not having enough TPD cover and under-insurance issues with products like income protection and tried to come up with some answers.
“One of our new products is revolutionary rather than evolutionary,” Wright says.
“It doesn’t replace any of the current products, but it does the job of many.”
While the company isn’t giving too much away at present one of the new products is likely to go up again the Progressive Care trauma product Sovereign launched last year.
Wright says Partners’ new product isn’t the same and isn’t a trauma policy but it will have the same aim as Progressive care “but in a different way.”
The company has been working on its new products for about a year. Wright says its Australian reinsurers are very excited about it and its Swiss ones says they have “never seen anything quite like it before.”
“It’s potentially unique in the whole world,” he says.
One of the other features the company was also looking to address was affordability.
“Some people don’t believe or don’t see value in traditional products,” he says. “We are trying to come up with a product that is cost-effective, and people will value.”
Partners will be unveiling its new product at a series of roadshows in March. Details in the Diary
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