Our story highlighting details of Partners Life’s new product suite drew much reader interest this week…
Partners Life has announced a new product suite which the company says offers greater flexibility, choice and affordability to meet a wider range of client needs.
At its adviser roadshow last week, company executives emphasised that the new Partners Life Journey Plan, which will be available from October 27, has been “…developed directly in response to adviser feedback, to help support your clients through their life journey.”
Summarising the changes in its communication to advisers, Partners Life says the key features include:
- Making certain benefits optional on Private Medical Cover, Trauma Cover, Mortgage Repayment Cover, Household Expenses Cover and Income Covers
- New standalone Specific Injury Cover
- New multi-benefit discount that replaces the loyalty discount – providing more opportunities to save when taking out multiple qualifying covers
- Plain language policy wordings and clarification of some terms “to make life easier at claim time”
It notes the new product suite includes the core covers advisers are used to seeing “…but we’ve introduced optionality to support choice and affordability. The new features are designed to make the products easier to understand and be more adaptable to life changes.”
Partners Life says there is no change to adviser’s clients’ existing policies.
“Even though Partners Protection Plan (PPP) is closed for new policies, existing policies remain fully supported and continue to deliver the exceptional benefits they are renowned for.”
It says existing clients can continue to make alterations, increase or add cover, add children or other lives to their current in force PPP policies.
If it suits their needs, advisers can transfer their client to the Partners Life Journey Plan, noting that no underwriting is required for like-for-like or reduced cover transfer. “If cover is increased or new options are added, the underwriting will apply to the new or increased portion only.”
CEO Michael Weston told the 650-plus advisers attending simultaneous events around the country that after seeking input from advisers, the company worked on developing a full-featured insurance product that was more affordable and adaptable.
Chief Distribution Officer Andries van Graan added that the key goals of Partners Life Journey Plan were to have a broader reach, more flexibility, simplicity and adaptability.
He said clients can remove options they don’t need with the product suite offering flexibility and choice.
Kate Dron, Chief Customer Solutions Officer said: “You have spoken, we listened. The journey through life is fluid, not linear,” adding the new product suite offered protection that fits clients’ life.
“The cover adapts to each unique [life] journey.”
Weston and van Graan also outlined to the roadshow audiences changes to commission structures which will only apply to new business, noting that advisers will retain their current renewal commission when they transfer clients from the PPP product to Life Journey.
