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: Wednesday, June 23rd, 6:41PM

Insurance

rss
Latest Headlines

New life in old whole of life policies

People with old whole of life and endowment life insurance policies can now release some funds while keeping cover.

Monday, August 20th 2018, 6:39AM

The latest offerings, from niche financial service provider Life Insurance Policy Exchange Limited, differ in that they allow owners of whole of life and endowment life insurance policies to access funds from their policies prior to maturity - without fully exiting the policy.

With many policyowners looking to supplement income now they’re close to or in retirement, advisers who manage registers of these policy types are welcoming the new exit options.

Up till now accessing funds from a policy using the secondary market has been limited to the complete sell down of the policy, with some owners reluctant to conduct an early cash in of an asset they will have spent years building. The new options allow the policyowner to retain a portion of their policy at the same time as releasing funds, through a partial sell down. It represents a shift in how these life insurance assets can be managed.

“Over the 20 years we’ve provided an alternative cash out option for policyowners wishing to exit their policy, we’ve seen an increasing number of policyowners needing to supplement retirement income,” says Greg Donnison, founder and Managing Director of Policy Exchange.

“Our new options provide more choice, and policyowners appreciate being able to continue participating in an asset they’ve worked hard to build up”.
There is flexibility in how much of the policy is retained and how much is used to access funds, plus the choice to either receive funds as lump sums or reinvest to receive regular payments spread over time.

This enables policyowners to tailor outcomes to suit their unique needs.

Tags: decumulation Life insurance

« Consumers will accept fitness trackers if they get a good discount: Studynib on deal hunt as profits rise »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Vero asks customers to use mental health support benefit
Vero insurance has urged its rural customers affected by flooding in the Canterbury region to make use of the mental health benefit available on their rural insurance policies.

AIA NZ helps raise $30k for India's Covid-19 relief fund
The AIA NZ team let their feet do the talking on Wednesday as they ran to raise funds for the people of India devastated by Covid-19 as part of the global Relief Run initiative.

AIA offers Canterbury flood victims premium relief
AIA NZ is offering customers affected by flooding in the Canterbury region a one-month premium relief on life and health insurance policies.

Fidelity Life steps up for Canterbury farmers
Fidelity Life is helping its farming customers affected by the recent Canterbury floods with a special financial relief offer.

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