tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Insurance

rss
Latest Headlines

Partners Life mean business with new products launch

Partners Life is set to launch a range of business insurance products and has struck a deal with accounting giant Deloitte to provide forensic accounting services to advisers.

Friday, March 2nd 2012, 11:30AM

by Benn Bathgate

The company will take to the road next week to showcase its new Business Protection Policy, which includes benefits such as shareholder buyout cover, debt protection, permanent loss of key person cover, loss of revenue cover and total and permanent disability cover.

Partners Life managing director Naomi Ballantyne said talks with advisers' already active in the business insurance space had allowed them to develop products better suited to the market - especially around payment times for TPD and trauma policies.

"The issues with trauma and TPD around things like shareholder buyout is that Trauma can kick in  too soon, for example with a heart attack, also buy/sell agreements where it's not appropriate, or alternatively not kick in at all because they suffer from something that's not a covered condition."

Ballantyne said one example of their new benefits was called Total Long Term Disability.

"You need to be off work for three months then have a prognosis of being likely to be off work for at least a further six months, and that's when it pays," she said.

"It's also not going to wait for someone to say you're never going back to work, it just requires a medical practitioner to say you're not likely to be back at work for six months."

Ballantyne acknowledged that the complicated nature of assessing business insurance had resulted in fewer advisers operating in that space, and that insurers could do more to aid the advice community.

"There's a lot of demand from advisers wanting to get into that space but a lot of hesitance," she said.

"The adviser market understands that it needs to play in that market, we need to give them some support around how they understand the financials of a business."

Ballantyne said it was with this in mind that they approached Deloitte, saying the move would also provide services to Partners' underwriters and reinsurers.

"Also, to provide that expertise for advisers so that they can put together a recommendation for a client and say this is what you need. It's that kind of support that is needed to really give them confidence."

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

« OnePath's new business declines, Sovereign's surgesCustomers not shaken, or stirred, by churn debate »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x