IOOF has partnered with three retail insurance providers through its IOOF Pursuit platform, which it says will provide flexibility and choice for advisers and their clients.
IOOF general manager of distribution, Renato Mota, said the firm has partnered with AIA Australia, TAL and Zurich to provide advisers and their clients the freedom to choose the best policy and fund the premiums through their IOOF Pursuit account.
“With underinsurance a major issue facing Australians, allowing advisers to provide their clients with insurance advice that is tailored specifically to their needs is more important than ever,” Mr Mota said.
Mr Mota said the benefit this will have for advisers is that each insurer offers a variety of features and benefits across a range of insurance offerings, including life, TDP and income protection.
“Advisers and their clients will benefit from a flexible retail insurance option, longer benefit periods, higher lump sums and access to non?super products,” Mr Mota said.
“This new retail insurance offering is further evidence of our commitment to support independently-minded advisers with true choice as part of a holistic advice model.”
IOOF said that through establishing its new partnerships, the firm had conducted a “comprehensive review” of insurance providers across the marketplace, choosing AIA Australia’s Priority Protection, TAL’s Accelerated Protection and Zurich’s Wealth Protection products.
“Additionally, IOOF has worked on a high level of integration between platform and the insurers, making the offer easy to deal with and complementary to the advice process,” a statement from IOOF said.
Advisers and their clients will have access to these new options via IOOF’s Pursuit platform from 15 September 2014.
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