{"id":46403,"date":"2019-09-22T11:06:40","date_gmt":"2019-09-22T01:06:40","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=46403"},"modified":"2019-09-25T07:06:57","modified_gmt":"2019-09-24T21:06:57","slug":"integrity-life-lifetime-discount-offer","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/09\/22\/integrity-life-lifetime-discount-offer\/","title":{"rendered":"Integrity Life Lifetime Discount Offer"},"content":{"rendered":"

Integrity Life<\/a> has launched a new lifetime discount offer, a move that it says strongly aligns with the long-term interests of both advisers and consumers.\u00a0<\/span><\/p>\n

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Integrity Life MD, Chris Powell …ensuring sustainable pricing for life insurance products<\/span><\/figcaption><\/figure>\n

The offer includes an 8 per cent discount for the lifetime of a policy across its lump sum products (Life, Critical Illness and TPD) which the insurer says is designed to ensure sustainable pricing for its life insurance products.<\/span><\/p>\n

Commenting on the offer, Integrity Life MD, Chris Powell<\/strong> says, \u201cThe financial services Royal Commission highlighted that the customer\u2019s interests must come first, and products must be appropriate to their needs. This simple principle is something that businesses such as ours are seeking to address, and to play a valuable role in the evolution of our industry towards this mindset.<\/span><\/p>\n

He added: \u201cWhen thinking about the best way to price our products, we made the deliberate decision to ensure they are all priced individually and sustainably. We believe this transparency in pricing will help advisers build trust and loyalty with their clients.\u201d<\/span><\/p>\n

The decision to only provide discounts on lump sum products is aligned with regulator and industry concerns about the sustainability of Income Protection (IP).<\/span><\/p>\n

Powell noted how current discounts, particularly upfront short-term discounts on IP, are unsustainable and contribute to ongoing losses among insurers. <\/span><\/p>\n

\u201cBecause of the importance of IP as a lead component of \u2018packages\u2019 it is always tempting to price it as a \u2018loss leader\u2019. However, pricing in this way does not align with Integrity\u2019s philosophy of promoting on-going sustainable pricing, nor does it benefit the insurer, the adviser or the customer in the long run,\u201d he explained.<\/span><\/p>\n

“We trust that our adviser partners will be excited by this new proposition…”<\/span><\/h6>\n

Integrity\u2019s offer of 8 percent off is on the standard premium each year for the life of the policy. The offer is valid for new business quoted and submitted from 15 September 2019 to 31 December 2019. Applications must be inclusive of two or more different covers, with the discount applied to lump sum covers (Life, Critical Illness or TPD) only.<\/span><\/p>\n

Powell said the insurer worked closely with advisers to develop the new proposition. <\/span><\/p>\n

\u201cWe trust that our adviser partners will be excited by this new proposition and the broader changes it represents for the life insurance industry.\u201d <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Integrity Life has launched a new lifetime discount offer, a move that it says strongly aligns with the long-term interests of both advisers and consumers.\u00a0<\/p>\n","protected":false},"author":20,"featured_media":46458,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[4247],"class_list":["post-46403","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=46403"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/46403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/46458"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=46403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=46403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=46403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}