New life entrant iExtend has launched in the market, offering what it says is an “innovative” product that partners with life insurance owners to share ownership of the policy.

By co-owning a life policy with iExtend, policyholders eliminate future premium payments from the percentage of the policy that was to be cancelled, providing a greater portion of any eventual claim for the policyholders’ family as well as greater financial certainty for them at time when they may need it most.

“iExtend wants to fill a gap in the insurance market and to partner with financial advisers and insurance providers to ensure policyholders can continue the valued relationship they have with them by accessing a flexible, innovative and alternative insurance option,” CEO David Sarkis said.

iExtend is currently working with adviser networks across the advice industry, including self-licensed advisers.

“We are excited to be bringing this flexible and innovative life insurance option to the Australian market and to provide a social wellbeing and quality of life benefit to those we partner with whilst also helping the insurance industry provide sustainable products and continue to service this market segment,” Mr Sarkis said.