New market entrant for life insurance industry

iExtend has pledged to provide life insurance policyholders who are committed to cancelling their policies with another option, saying it will save Australians billions of dollars of cover forgone every year.

The company said by co-owning a policy with iExtend, policyholders will eliminate future premium payments from the percentage of the policy that was to be cancelled.

iExtend estimates it will return approximately $25 to $50 million in life insurance claim benefits over the next 10 years to Australians.

“iExtend wants to fill a gap in the insurance market and to partner with financial advisers and insurance providers to ensure policyholders can continue the valued relationship they have with them by accessing a flexible, innovative and alternative insurance option,” CEO David Sarkis said.

“We are excited to be bringing this flexible and innovative life insurance option to the Australian market and to provide a social wellbeing and quality of life benefit to those we partner with whilst also helping the insurance industry provide sustainable products and continue to service this market segment.”

iExtend is led by a leadership team that includes former Bankers Trust Australia (BT) executive director Rodney Payne as chairman and co-founder and former CEO of MLC and Perpetual, Geoff Lloyd, as advisory board chair.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.