ING Life increases YRT commission options
ING Life (NZ) Limited has recently announced a new commission option for yearly renewable term (YRT) products.
Thursday, August 25th 2005, 9:57PM
by Naomi Ballantyne
It is a combination of upfront and renewal commission equalling 150% and 7.5% respectively, which brings the maximum upfront commission in line with ING Life’s five year products.
“We took a cautious approach to YRT products initially because we were uncertain of the long-term persistency of these products, given the yearly price increases clients would have to face,” says managing director, Naomi Ballantyne.
However, persistency of ING Life’s YRT products has actually matched the persistency of five year products over the past four years, and the company has now decided its initial cautious approach is no longer warranted.
“There is no doubt we have missed out on some sales over the past four years as a direct result of our maximum YRT commission structure,” states Ballantyne.
“We expect the new commission option to open further doors for the continuing expansion of our business.”
Ballantyne says adviser feedback to the new commission option has been very positive.
“ING Life is pleased to be offering advisers increased choices at a time when very little market innovation is occurring.”
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Naomi Ballantyne ONZM, is the Managing Director at Partners Life.
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