Advisers will be able to transfer life insurance when moving clients into Bendigo Wealth’s new low-cost superannuation product.

Insurance in the Bendigo SmartStart Super product is being handled by TAL Life and it will be offering simplified transfer from an existing policy.

Bendigo Adelaide Bank Senior Manager Investment Solutions Justin Hoare told insuranceNEWS.com.au the insurance component of the product had been designed to be functional and easy to use.

“It will be a comprehensive insurance offering through TAL with very competitive rates,” he said.

“There will be three options: death, total and permanent disability (TPD) and income protection.”

Advisers can use the online application process, which has a simplified form of five questions.

Mr Hoare says additional questions are only triggered if one of the basic questions produces a negative reply.

“People will able to do a simplified transfer of policies of up to $2 million (of cover) for death and TPD and $20,000 a week for income protection,” he said.

“Advisers wanting to transfer a number of clients into the product can move their entire life insurance book if they wish.”

Adviser remuneration on the insurance component of the product is capped at 20% of the premium.

Mr Hoare says the fee can be dialled down to zero and the client will see how much is being paid to the adviser on their statements.

“If the adviser doesn’t want to take the fee, it will be deducted from the premium,” he said.