NEOS and MLC Life Insurance have partnered to launch a life insurance product in the next few months.
The product, called Encompass Protection, would be sold through financial advisers on the NEOS insurance platform.
The two firms said the product development followed changes in the life insurance industry regarding increasing costs and changing consumer needs which necessitated insurers to adapt their offerings.
NEOS managing director, John de Zwart, said: “We’re excited to partner with MLC Life Insurance. We’re passionate about trying to make risk advice easier, providing advisers with a range of high-quality products on a single, easy-to-use platform that advisers are familiar and comfortable with”.
Michael Rogers, chief life insurance officer at MLC Life Insurance, said: “We believe in the importance of risk advice and improving the sustainability of our industry and helping ensure Australians from all walks of life can access quality life insurance products. Our partnership will help deliver this goal.
“While we continue to manufacture and distribute our own protection products and services to Australians, we’re excited to partner with NEOS to bring this new insurance offering to the market.”