BT Financial Group advisers will see their life insurance approved product list expand to a minimum of three, up from one currently.
At the moment, Westpac Life is the only insurer on the BT Financial Advisers APL, although BTFG noted that over the past four years any adviser request to use an insurance product not on the APL has been approved. As above, it is expected the APL will have a minimum of three "formally included" insurers by March 2018.
"Ensuring clients have high quality cover that meets their needs has always been the priority," BTFG general manager advice and private wealth Jane Watts said.
"We will be going through a rigorous selection process supported by independent input to make sure the insurance options on our APL meet the demands we expect around the quality of product we recommend to our clients," Watts said.
Even though additional insurers will be added to the APL, Watts noted advisers will still have the opportunity to select products not included on the list, and that such requests will be addressed within one business day.
"We are doing this methodically to ensure we get great quality additional cover on our APL and we will take the time to make sure our advisers are highly trained in them so we deliver a strong outcome for our customers," Watts said.