Guardian Assurance is offering brokers a conversion incentive to encourage them to move clients from the older style bundled insurance to more modern and flexible insurance and savings products.
Guardian marketing and sales director John Cameron says since the advent of Saveguard Plus in 1986, the majority of Saveguard and Super Saveguard contracts, as well as many whole of life and endowment contracts had been converted to unit-linked products.
Guardian has a reasonably substantial number of these older style contracts in force, and in many cases they may not be serving the customer as well as some of the more modern products.
Cameron says products brokers can convert to (Saveguard Plus, Retirement Plus PSP or Mortgage Plan) are "much more flexible than the first generation unbundled products."
The company is offering brokers $140 for each successful conversion between October 1 and December 31.
While the customer gets greater flexibility of life insurance with the new products, they also get investment flexibility and, as a special extra incentive, Guardian is offering to increase the surrender values on each whole of life or endowment policy converted by $150.
The move is similar to AMP's Project Morp (see earlier story). AMP is encouraging customers to move from the older, high front-end fee products to funds in its Savings and Investment Portfolio.
Guardian Assurance is offering brokers a conversion incentive to encourage them to move clients from the older style bundled insurance to more modern and flexible insurance and savings products.