One of the biggest providers of financial insurance in the mortgage sector, ALI Group, is to partner up with Zurich to offer an expanded product that brokers will be able to offer alongside home loans.
My Protection Plan, the signature ALI Group product, has long been offered in conjunction with home loans to cover borrowers in the event that they are unable to meet financial obligations due to serious health problems.
Now, it will be underwritten by one of the biggest names in insurance worldwide, with Zurich joining as a long-term partner. Zurich are already Australia’s largest life insurance provider, with an estimated 1.5 million people currently covered.
According to ALI Group CEO, Huy Truong, the partnership will allow brokers to have increased confidence in offering their clients the My Protection Plan product.
“Mortgage brokers have up to 20-30 providers on their lending panel, meaning they have a range of loan products to consider for their customers,” said Truong. “With financial protection, brokers will only typically have one, My Protection Plan or simplified life insurance that they offer under general advice. For this reason brokers are restricted to educating their clients on the risks and offering one potential solution.”
“That means that they have to have really strong confidence that the one product that they do have is really competitive and high quality. Hence, the onus is really on us to continuously improve and enhance our product. So every few years, we're constantly evolving to deliver the best value that we can.”
“Our business has been in market since 2003, and we've always been the market leader in protecting home and property buyers, with a product that we believe is designed to their needs.”
“As the years have gone on, it's become clear that medical technology has continued to evolve and change, lifestyles have changed, and we strive to ensure our cover keeps pace with consumer sentiment and community expectations.”
