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Frequently Asked Questions | Policyholders

Let us help you find quick answers to your questions about iExtend.

On this page:

How it works and eligibility

There are 5 steps: 

  1. Check your eligibility (Use our real-time QuickCalc pre-assessment tool to see if your policy may qualify).
  2. Provide your consent (provide your communication preferences and your privacy health consent as part the General Advice process).
  3. Assess policy (submit your life insurance policy and health information for final assessment).
  4. Final approval (once approved, you are eligible to apply for the iExtend Co-Ownership Arrangement).
  5. Share claims proceeds (When a successful claim is paid by the insurer, you, your nominated beneficiaries or estate will receive your share of the claim proceeds.).

Learn more about the journey here.

No. Qualification for the iExtend Life Co-Ownership Arrangement relies on several factors including policy terms and conditions, premiums payable, sums assured and the health of the life insured. Information relating to these matters will need to be shared with iExtend (with the willing co-operation of all stakeholders) so that our assessment team can make a decision.

Unfortunately, we cannot help everyone, and our focus is on helping those who stand to lose the most under the cancellation option.

iExtend is a referral only choice for most advisers. This means we do all the heavy lifting, give the General Advice and complete the administration. Please speak with your adviser for more information.

  • Policy owners who are committed to cancelling or reducing their policy.
  • Policy owners who hold an annually renewable term life insurance policy that has a minimum expiry age of 90, is fully underwritten, and  is in an individual ownership structure that allows direct transfer to the Custodian.
  • The life insured is aged 45 to 85 at the time of application.
  • The life insured is an Australian or a New Zealand citizen, permanently a resident of Australia.
  • They satisfy iExtend’s risk assessment, including a health evaluation reflecting changes in the life insured’s health (which may include height, weight, lifestyle, diet, family history and medical history) since the policy was initially taken out.
  • The ownership of the policy is able to be transferred to a custodian chosen by iExtend.

For more information, please refer to the eligibility page here.

Co-ownership

Under an iExtend Life Co-Ownership Arrangement, iExtend accepts policy ownership and the ongoing financial risk, paying future premiums on the co-owned policy for the duration of the Arrangement, while committing to share future claim benefits on that co-owned part with the original policyholder on a sliding scale based on how long iExtend has been paying for the cover. The only premiums your client will pay are for cover they have chosen to keep rather than cancel.

Based on a sliding scale, you, your estate or beneficiaries will always receive a percentage of any claim benefit paid on the policy (including future indexation, if indexation was chosen), regardless of how much iExtend has paid to keep the cover in force since the ‘Policy Acquisition’ date.

There will always be a minimum of 10% of any successful future claim that will be received by the policy owner, their estate or beneficiaries so long as the iExtend Life Co-Ownership Arrangement is still in force. If there is indexation on the policy, the claims pay-out increases.

For example, if the policy owner transfers a policy to iExtend and passes away ten years later, even though they had not paid any premiums over that period, the custodian will pay their estate or nominated beneficiary an agreed share of the benefit as per the Life Co-Ownership Deed.

For more information, check out the 'How it Works' page here.

No. Where iExtend determines that it will not fund future Premiums payable under the Arrangement, then iExtend will notify you with sixty (60) Calendar Days notice of its intention to terminate the Arrangement (Intention Notice) and offer you the option to reclaim full ownership of the Policy and responsibility for the future Premiums. Importantly, if this situation arises, iExtend will not request repayment of any past Premiums from you.

Policy cancellation

iExtend will only contemplate accepting life cover that the policy owner has confirmed will otherwise be cancelled. Contact your adviser or complete the QuickCalc if you believe you may meet our acceptance criteria.

Support

Reach out to your trusted adviser or our Customer Care Team for more support.

How it works

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About iExtend

iExi Pty Ltd (iExtend)
ABN 33 654 132 813
AFSL 555362

Suite 3, Level 30,
420 George Street,
Sydney NSW 2000

[email protected]

We acknowledge the Gadigal of the Eora Nation, the traditional owners and custodians of the land on which we work. We pay our respects to Elders past, present and emerging. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who work and live on this land.

The iExtend Life Co-Ownership Arrangement is issued by iExi Pty Ltd ABN 33 654 132 813 AFSL 555362 (iExtend). Please read our Financial Services Guide. The information provided in this document may contain general advice, but it does not take into account your client’s objectives, financial situation or needs.

Before acting on or making any decision in relation to the iExtend Life Co-Ownership Arrangement or any other financial product, you should consider the appropriateness of the information, having regard to your client’s personal circumstances, as well as the Product Disclosure Statement and Target Market Determination for the iExtend Life Co-Ownership Arrangement.

By using our website, you agree to our Privacy Policy and website Terms & Conditions.

© 2024 iExtend Holdings Company Pty Ltd. All rights reserved.

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