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: Thursday, May 6th, 6:14PM

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

Tower builds partnerships with CSC and Sentro
Tower Insurance has continued its partnership push announcing it has formed new relationships with CSC Buying Group and InsurTech start-up Sentro.

nib Little Legends $10k Relay gives junior players a healthy funding boost
The nib Little Legends $10k relay, held during half-time at the Blues vs Chiefs match on Saturday, was won by the Pakuranga United Rugby Club.

nib helps protect future rugby stars
nib New Zealand has partnered with the Auckland Blues Super Rugby Aotearoa team to launch its nib Little Legends Little Smiles initiative, giving 1000 junior rugby players OPRO custom-fitted mouthguards – the same ones worn by the professionals.

Insurance professionals get time to shine
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched an initiative aimed at showcasing the success of insurance professionals.

News Bites
Latest Comments
  • The death of the single adviser FAP
    “change for the better is good, all for it. but change for the sake of changing is bad. should "consultants / experts" be...”
    9 hours ago by w k
  • The death of the single adviser FAP
    “I am reading the comments and article with interest. Doesn't affect me after 50 years in the industry. Driven by bureaucrats...”
    12 hours ago by LNF
  • The death of the single adviser FAP
    “devil's advocate here The headline implies it to be a bad or intimidating eventuality. So, is the "death" of CERTAIN...”
    12 hours ago by All hat no cattle
  • The death of the single adviser FAP
    “well said, tony and dcwhyte. yup, the arrogance, ignorance .... and tunnel vision "experts" couldn't see the elephant in...”
    13 hours ago by w k
  • The death of the single adviser FAP
    “I don't see anything of this or commented wholly wrong. There are plenty of advisers that I have talked to that have...”
    13 hours ago by JPHale
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
 
Site by Web Developer and eyelovedesign.com
x