Asteron has joined with Colonial First State to offer life insurance through superannuation via the FirstChoice investment platform.

The insurer will offer life, trauma and permanent disability as well as income protection on the platform.

Asteron EGM Jordan Hawke told insuranceNEWS.com.au that Colonial wants to add another insurer to the platform and invited all life companies to present.

“We had a relationship with Colonial as we are on the FirstWrap platform,” he said. “Colonial wanted a specialist life insurance company that could deliver quality advice and affordable products.”

Mr Hawke says Asteron’s strategy of product distribution through advisers will now be enhanced with the new FirstChoice relationship.

The proposed Future of Financial Advice (FOFA) reforms will stop commissions being paid on life insurance through superannuation, but Mr Hawke says Asteron will respond to any changes.

“Whatever the FOFA outcome we will work through that and come up with a solution,” he said.

Mr Hawke says now the insurer has joined the Colonial platform, it will look to increase its presence in this area of distribution.

“Platforms have been a gap in our offering, but we are now a provider with the largest platform in Australia,” he said.

“This is now an opportunity for us to move further into this space, as platforms are an important part of our distribution strategy.”

Colonial FirstChoice has 11% of the Australian investment platform market, making it the largest in the country.