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Connexus : Issue 43
strategy. At the same time, some of the larger corporate and industry super funds are seeing 40-50 per cent increases in life insurance premiums. There are few SMSF life products on the market, and those that are available are mostly for the advised market. "There are around 1 million members of SMSFs. Only 12 per cent have life insurance within their fund and 75 per cent don’t use a ﬁnancial adviser,” he says. Half of them are aged over 55, so there are still a number who would qualify for life insurance, he adds. With this in mind, NobleOak has launched a life insurance product targeting the SMSF market. Australian Unity sees scope for life insurance to be sold both via its advisory network and direct through its website. "We are going down the path of both offerings, and we don't see them as clashing with each other because they ﬁll different needs in different markets,” says Meldrum. The underwriting for direct or corporate or industry super fund cover is different to that for the tailored individual cover sold by ﬁnancial advisers and risk specialists, he says. "A direct product will be more expensive at the higher levels of cover, but much easier to get. And there is much less underwriting at the lower levels of cover.” "Life insurance marketing is hotting up quickly,” says Brown, “and there’s probably only a one or two-year window for member-based organisations to grab the opportunity.” New entrants -- including overseas insurers, general insurers and retail brands -- are all eyeing the market. Christine Long is a freelance writer. POSITION YOUR COMPANY AS A LEADER IN THE FINANCE SECTOR Advertise with Connexus in both Print and iPad versions, to reach 2,500 decision makers of credit unions, building societies and mutual banks. We have tailor made advertising solutions available, to increase your brand awareness and boost sales of your products. For more information call Giuseppe on 02 9556 9119 Connexus ALIGN YOUR COMPANY WITH THE CREDIBILITY AND INFLUENCE OF THE CUSTOMER OWNED BANKING ASSOCIATION. Connexus for iPad is available for free on Apple iTunes. www.customerownedbanking.asn.au 35