Sovereign offers new parents free life cover for a year

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Sovereign expects to pay just two or three claims resulting from their offer of $10,000 in free life cover for new parents.

Thursday, April 12th 2012, 10:40AM 3 Comments

by Benn Bathgate

The insurer announced it would offer life cover for both new parents for the first year of their baby's life as part of its ‘Choose precious' campaign.

While the offer is being marketed directly at parents Sovereign is also providing advisers' with a range of marketing material to target clients in their community.

Marketing and product general manager David Drillien said the campaign - and the marketing pack they have made available for advisers' - would help push the issue of life cover and provide advisers with a useful tool to help generate future business.

He said the adviser promotional material includes a unique code which would link the client to the adviser and that parents who take up the offer would receive emails from Sovereign when their child reached six-months, nine-month and one year, "prompting them to consider reviewing their insurance needs with an adviser."

Drillien said the campaign was also a way for Sovereign to help address the country's underinsurance problem.

"There is a marketing aspect to it but we're quite excited by the idea of doing our bit to tackle this underinsurance problem, raising some awareness, especially amongst this group of younger people who are having babies."

He also said research indicated that childbirth was the number one reason many people in the 18-29 and 30-45 age ranges shop for life insurance.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

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