Southern Cross has decided to distribute life insurance to current customers. They will offer a CIGNA product, branded Southern Cross. CIGNA should be congratulated, this is an institutional distribution partner on a par with landing, say, a major bank or building society, and is one of the best known brands in New Zealand. For Southern Cross is extends their product range into a valuable area – I am sure many health insurance clients expect Southern Cross to offer life insurance and are surprised when they do not. Here is the press release:
Not-for-profit health insurer Southern Cross is launching into the life insurance business.
It’s a natural extension for a Kiwi institution with a significant track record in looking after people says Head of Product and Marketing Chris Watney.
“Southern Cross has been looking after the health of New Zealanders for over 55 years. We believe people will feel confident buying life insurance from an organisation and a brand they know and trust.”
Southern Cross Life Insurance is backed by specialist life insurer Cigna, and will complement Southern Cross’ range of insurance products which includes day-to-day, basic surgical and more comprehensive health insurance plans, as well as critical illness cover, travel insurance and pet insurance.
Watney believes there is a natural synergy between health insurance and life cover.
“Like health insurance, people purchase life insurance at important junctures in their life – it might be when they get a student loan, start a family, buy a home or get married.
“This is something our members have been asking of us for some time and we think the combination of both life and health products under one brand will make sense to people.”
Southern Cross Life Insurance will provide cover of up to $1 million and be available for purchase online from tomorrow.
Watney says, “We have chosen to focus on selling our life insurance online because in this busy world, people increasingly use the internet to compare and purchase insurance products. However we also have a team just a phone call away should customers want to talk to someone.”
Customers in good health will be eligible for a 10% healthy living discount. An additional discount of 10% will be available to Southern Cross Health Society members.
Note: The quotation tool and website for Southern Cross Life Insurance will be online from the 31st March.