What it is
"InsureCentral" is a Life Insurance Hub through which attorneys will send referrals from their mortgagor clients who would like to acquire cover for their bond repayments in the event of death and disability. The product, known as "BondAssure", presented by Old Mutual was carefully selected because of its "no nonsense" straightforward application. We feel it is crucial to be able to offer all mortgagors the option of a cost-effective life product which can effectively be concluded telephonically and has no onerous medical check requirements. In today's world, aside from conventional life cover, some protection relating temporary or permanent disability can be extremely useful.
Benefits of BondAssure
- Provides cover for death or disability and instalment protection;
- No medicals or HIV testing required (conditions apply.)
- Provides cover from R100,000 - R1,500,000.
- If the transfer attorney or bond attorney has a client who indicates that they are interested in acquiring life cover, all the operator needs to do is answer "Y" to the query in GhostConvey;
- The attorney has no further involvement;
- A message with the necessary contact information will automatically be sent to the data centre who will, in turn, process the referral by contacting and assisting the client with the registration process;
- If a deal is closed by the data centre and a policy is concluded, the introducing attorney may receive a referral fee in the form of a credit to their Korbitec account. Please refer to the following link on the GhostConvey Web Site for the terms and conditions associated with this arrangement. As an illustration: a 35-year old male with a monthly income of R10 000 and R400,000 life cover, paying a premium of R290/month (including cover for IPB and disability) will generate a referral fee of approximately R613.00.
Our research indicates that the homeloan divisions of the banks prefer to have protection of this nature in place for their loans. Their own Life departments will have had an opportunity to catch this business before it reaches us.
- The official launch will take place during the road-show planned for the week of 16 March 2009
- Insure Central is now available for those attorneys wishing to make use of it - GhostConvey (version 10.7) released on 2nd February 2009.
- Marketing material (professional brochures etc) will be made available during the launch week (16 March).
- Korbitec and Intaba (Life Product Consultants and Facilitators) are prepared to train staff of those firms of attorneys who want to get involved in promoting the product to their clients.