Head of product and marketing Chris Watney said it was a natural extension for the company.
“Southern Cross has been looking after the health of New Zealanders for over 55 years. We believe people will feel confident buying life insurance from an organisation and a brand they know and trust.”
Southern Cross Life Insurance is backed by Cigna, and will complement Southern Cross’ range of insurance products which includes day-to-day, basic surgical and more comprehensive health insurance plans, as well as critical illness cover, travel insurance and pet insurance.
Watney said: "Like health insurance, people purchase life insurance at important junctures in their life - it might be when they get a student loan, start a family, buy a home or get married.
“This is something our members have been asking of us for some time and we think the combination of both life and health products under one brand will make sense to people.”
Southern Cross Life Insurance will provide cover of up to $1 million and be available for purchase online from tomorrow.
Watney said Southern Cross had talked to advisers earlier in the year and told them that it might consider another life product for third-party distribution later on. "But right now this is a good way for the brand to launch."
He said Southern Cross had identified the most potential in the direct insurance space. "It's the more undeveloped part of the market."
Watney said: “We have chosen to focus on selling our life insurance online because in this busy world, people increasingly use the internet to compare and purchase insurance products. However we also have a team just a phone call away should customers want to talk to someone.”
Customers in good health will be eligible for a 10% healthy living discount. An additional discount of 10% will be available to Southern Cross Health Society members.
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