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Sovereign encourages dual cover

Sovereign says people who buy both life and health insurance less likely to drop their cover or move to another provider.

Friday, May 4th 2007, 6:38AM

by Rob Hosking

Consequently it is encouraging advisers to sign up clients to both types of cover.

It says that there tends to be a higher turnover of health policies than there is for life policies, but linking the two is seen as one way of dealing with that.

“An analysis of our existing book showed that when customers take both TotalCare Life and Absolute Health the business was more persistent – they tended to keep their policies for longer,” says Sovereign’s head of marketing and product management Vena Crawley.

“This is consistent with our research that clearly indicates customers want integrated life and health solutions. We felt it was appropriate to reward advisers that meet these customer needs and, in the process, provide us with higher quality business”.

It has launched a new option, TotalCare Life, is an adjunct to its Absolute Health policy.

Advisers can opt for an alternative rate for their commission – a 120% initial commission and 7.5% renewal commission. This only applies when both applications for cover are submitted at the same time for the same life, or lives, covered.

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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