CommInsure is launching a new premium discount offer for clients holding lump sum insurance policies with the insurer.
The offer applies to policy holders seeking top-up cover increases on their death, TPD or trauma policies, where a 15 per cent premium discount will apply for the increased portion of the insured benefit.
The example provided by CommInsure is where a client owns an existing policy with an insured benefit of $500,000, which increases to $750,000. The policy holder will receive a 15 per cent discount on the $250,000 increase of cover, which will apply until the policy expires or lapses.
This offer extends to existing CommInsure Total Care Plan and Total Care Plan Super policies, both inside and outside of superannuation, on policies that have been in force more than 12 months.
The offer has been flagged to advisers via internal communications, commencing from 19February 2011 for policies that commenced from 1 July 1997.
Commenting on this initiative, CommInsure’s General Manager – Retail Advice, Tim Browne, said “This is an important response to Australia’s underinsurance problem. It allows advisers to revisit their clients’ needs and where necessary, top up their cover – and CommInsure will come to the party with a 15 per cent discount.”
This will allow advisers to re-segment their client base…
“This will allow advisers to re-segment their client base with their CommInsure BDM to search for opportunities to improve the insurance arrangements these clients have in place,” added Mr Browne, who also linked this initiative to a key FoFA reform proposal:
“This moves also makes it easier for advisers to exercise their fiduciary obligation to their clients to ensure their cover is adequate and remains in place,” he said.
Advisers can click here for more details regarding this offer, for which there is currently no end date.
