The federal government’s ban on risk commissions for insurance inside of superannuation will not reduce the call for financial advice, prompting the need for greater access to such advice, an insurance executive has said.
In line with this, Asteron executive general manager Jordan Hawke said Asteron had partnered with Colonial First State’s FirstChoice platform to provide support to advisers in offering life insurance cover in superannuation.
“There is an increasing trend for Australian consumers to have insurance through super and this trend will continue. Despite the FOFA (Future of Financial Advice) reform’s proposed ban on risk commissions for insurance held inside super, the need for advice will never go away,” Hawke said.
“As a life risk specialist, this partnership allows us to complete our offer for both risk and wealth advisers who wish to write retail insurance through platforms.”
Under the new offer, Asteron will provide advisers with more flexibility and choice by allowing them to offer clients the option of paying premiums through the Colonial First State platforms, FirstChoice and FirstWrap.
“Partnering with another trusted brand such as Colonial First State means that advisers can provide a comprehensive solution to clients who want to hold their insurance through a quality provider like Asteron,” Hawke said.
Asteron policies available through FirstChoice super accounts include Life Cover Super, Life Cover and TPD Super, and Income Shield Super.
