Life insurance products issued by Macquarie Life will undergo only a basic name-change but premium rates will remain the same, following the transfer of the Macquarie Life business to Zurich.
FutureWise, Active and Sumo products [will] remain open for new business…
In a communication sent to research houses, Macquarie Life stated its FutureWise, Active and Sumo products would remain open for new business after the proposed 1 October transfer date but would be rebadged as Zurich FutureWise, Zurich Active and Zurich Sumo.
New Product Disclosure Statements for these products will be issued from 1 October by Zurich Australia Limited, which will become the issuer of new polices, with Macquarie stating that “As part of this update, there are no changes to premium rates or premium calculation formulae for any of these products.”
The transfer of the Macquarie Life business to Zurich Australia was announced in March but is still subject to confirmation by the Federal Court under Part 9 of the Life Insurance Act. The court hearing is scheduled for 22 September and if confirmed the transaction will be completed on 1 October.
