Eligibility - iExtend

To be eligible for the iExtend offer:

The policy owner must have decided to cancel or reduce the cover on their policy.
The policy owner holds an annually renewable term life insurance Policy that: has a minimum expiry age of 90, is fully underwritten, and is in an 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.
Satisfy iExtend’s risk assessment, including a health evaluation reflecting changes in the life insured’s health 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 on eligibility for the iExtend Arrangement, please see the Target Market Determination (TMD).

What type of policies qualify?

Policy Ownership:

To enter an Arrangement with iExtend, a policy must be owned by an individual in their own name or in a structure that allows direct transfer to a custodian*.

* Perpetual Corporate Trust Limited, iExtend’s Custodian, will be the registered legal titleholder and the named party with the life company and will act on instructions from iExtend to distribute the proportionate proceeds of any successful claim to your client and iExtend.

A policy may be owned within different structures:

Individual: An individual has the right to transfer policy ownership.
Business Owned: A business owned policy can be transferred to another person with the agreement of the company director(s).
SMSF: An SMSF policy can be transferred to an individual or directly to the custodian with the agreement of the trustee(s) of that SMSF (either individual or corporate trustee).
Group Super: If a policy is owned under a group arrangement e.g. an industry superfund, it cannot be transferred to another person because it is owned by a separate trustee, and so cannot be eligible for the Arrangement.