Partners reinstates up-front commission on health insurance

Partners Life had reinstated up-front commissions on health insurance business now that it has completed its capital raising with Blackstone.

Thursday, September 29th 2016, 9:24AM

Partners Life has made a positive change to its medical commission structure and launched two new products. In September 2012 Partners Life switched from paying up-front medical commission to as-earned medical commission in response to its unprecedented growth at launch. Following the close of its recent $200 million capital raising, Partners Life has now returned to offering up-front medical commissions.

Partners Life Managing Director Naomi Ballantyne says, “Partners Life’s medical product is rated number one by the two major independent research houses, as are a number of our other products in keeping with our ‘best value for customer’ philosophy. We can now build on that market-leading proposition while providing commissions that are consistent with the market. We will still offer as-earned options for advisers who prefer them.”

Meanwhile, Partners Life has launched two new to market products: “Rural Partners” and “Partners Legacy Gift Plan”. Rural Partners is for customers from the agricultural sector and involves a wide range of great value benefits. Partners Legacy Gift Plan allows clients to leave sums to their deemed charity in accordance with their wishes.

Ballantyne says the new products were created in response to identifying the unique requirements of those clients. “New Zealand’s rural sector is the backbone of the economy. Those in this sector have particular needs when it comes to protecting themselves and their loved ones and we are proud to support them. New Zealanders are also very generous donating to charity and we wanted to make it easier for them to support their favourite causes.”

Ballantyne says Partners Life will continue to apply its guiding philosophy of “if it’s grey, we will pay” to all of its products. “We are here to pay claims. That gives the customer a great deal of confidence that they are not on their own, trying to fight for a claim at a time when they are ill.”

Tags: health insurance Naomi Ballantyne Partners Life