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’ product aims to cover a shortfall in a client’s assets upon death, and links the sum assured to the assets held on the platform, meaning clients only pay for the life cover that they need.
The pilot launch gives 30 firms access to the product via Transact Online, with a full rollout planned in 2015.
The cover is arranged through an online portal developed by Integrated Protection Solutions with the support of reinsurer Swiss Re, which uses health and lifestyle questions to assess the client. It is expected that the majority of applicants will be offered immediate cover.
The insurance policy is issued by Ageas Protect, while Transact will also provide support with the use of trusts.
Transact says it is offering access to the product as a service and will charge a fee to cover administration costs.
The policy does not generate commission and advisers can specify their agreed client fees which can be paid from the Transact portfolio.
Transact chief development officer Jonathan Gunby said:
“This will allow advisers to provide integration of investment and protection to their clients.
“We will continue to focus on our strength as a platform provider and will partner with others, as appropriate, to provide expertise in other selected product areas.”
Ageas Protect head of marketing and propositions Steve Casey 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.”
