Ageas Protect’s term life insurance is now available on the Transact platform for an initial user group, with a full roll out planned in 2015.
The Integrated Protection: Term Life Insurance offers a sum assured that automatically takes account of platform assets, meaning clients only pay for the life cover that they need.
The initial launch will provide 30 firms with access to integrated protection via Transact Online, with a view to full market access later.
The cover is arranged through an online portal developed by Integrated Protection Solutions, with underwriting support from Swiss Re, using simple health and lifestyle questions to assess the client.
It is expected that the majority of applicants will be offered immediate cover without any referral and Transact will charge a fee to cover administration costs.
The insurance policy is issued by Ageas Protect, while Transact will provide support with the use of trusts. The insurance policy does not generate commission and advisers can specify their agreed client fees, which can be paid from the Transact portfolio.
The move comes as platforms are beginning to open up to hosting other investment and insurance products, such as annuities.
Jonathan Gunby, chief development officer at Transact, commented: “This will allow advisers to provide integration of investment and protection to their clients while experiencing the same levels of service they have grown to expect from Transact.”
Steve Casey, head of marketing and propositions at Ageas Protect, said: “The ability to write protection that sits alongside a client’s investment portfolio gives advisers the opportunity to offer their clients flexible protection to meet their financial goals, whether that is planning for their retirement or paying their kids university fees.”
Steven Mendel, chief executive of IPS, added: “We firmly believe that there is a new future for protection as part of a client’s overall financial wealth plan and are very excited at this opportunity to support advisers in achieving this.”
peter.walker@ft.com
