Risk Company Update

iExtend launched for reluctant insurance cancellers

A new service is on offer for financial advisory clients when a client wishes to cancel their insurance cover. Policyholders who are experiencing health challenges can keep insurance cover by using iExtend, which co-owns life insurance policies and takes a portion of all of the ongoing costs in exchange for a share of the claim. This allows policyholders to extend their policies when they might need them more than ever.

By co-owning the policy with iExtend, policyholders drop their premiums down by the part that was going to be cancelled. Many retirees may feel obliged to cancel their life policies due to dwindling financial resources and increasing premiums, which often rise 10-15 per cent each year.

WT FG buys Synchron

WT Financial Group has acquired Synchron in a major acquisition. Over 600 financial advisers now work for the group, including the recently acquired Sentry Group advisers. Synchron was acquired for a consideration of $7.96 million in a combination of cash and WTL shares, with Don Trapnell and John Prossor to continue working in the business. The Synchron brand will remain and all scheduled events will go as planned.