Ten weeks after the launch of Macquarie Life Active, the insurer has announced the product has reached a milestone of $1 million in premiums.
According to Macquarie Life, 180 advisers have submitted applications for the severity-based trauma insurance product on behalf of more than 500 clients. Of these advisers, the insurer says 30% are either new to Macquarie Life or have submitted proposals for the first time this year.
Head of Macquarie Life, Justin Delaney, said “The product offers several features that have never been available before in Australia, creating what we believe is a new category of life insurance. It is certainly encouraging to see that this new category is being embraced by advisers, who are now actively using the product with their clients.”
… it is easier for an adviser to explain the product and, most importantly, the clear benefit to the client
“The feedback we’re hearing from advisers is that due to the structure of the product, moving away from an ‘all or nothing’ approach towards tiering severity then matching that to the client’s financial need, it is easier for an adviser to explain the product and, most importantly, the clear benefit to the client,” Mr Delaney said.
Macquarie Life Active was launched via a national roadshow in May this year (see: Macquarie Launches ‘Severity-Based’ Insurance Product)
