Mortgage Choice will sell life insurance as part of its move into financial planning advice.

The mortgage broker has created a life insurance approved list including Asteron, CommInsure, Macquarie Life, MLC, OnePath and TAL.

Financial Planning GM Tania Milnes says the company will have the same approach to selling life insurance that it does to mortgages.

“We intend to extend the Mortgage Choice ‘paid the same’ philosophy across [life] insurance,” she said. “This means our advisers have no financial incentive to recommend any one insurer over another.”

The new operation will be a separate franchised business to the mortgage broker.

“Our first franchisees will open their doors to customers next month in Sydney, Melbourne and Brisbane to help test our systems and processes in time for the full roll-out in July next year,” Ms Milnes said.

“We anticipate having 60 financial planners operating across Australia in three years.”

Advisers will be required hold a Diploma of Financial Services (Financial Planning) and have solid advice experience, she says.

“Strong leads into the new business are expected through the 80,000 new customer enquiries Mortgage Choice receives each year,” Ms Milnes said. “Healthy conversion rates are anticipated as a direct result of leveraging brand equity and continuity.”