Steadfast has moved into the life insurance market, in a newly branded joint venture with Sydney financial planning business Steadfast Life.

Brokers will provide referrals to the financial advisers, who will handle life applications. Commissions will be shared.

Steadfast Life has always used the referral model, according to Executive Director Darren Conway.

The new link-up will be for all brokers that want to participate, he says.

“We are undertaking a soft launch to start, talking to about 50 brokers in most states. Our advisers will be offering… help to the brokers on how they can introduce life insurance to the range of general insurance products they sell.”

Steadfast Life has three advisers in its North Sydney office and is now looking to add one in Victoria.

“In our model the adviser is an employee of the business and they act under our banner,” Mr Conway told insuranceNEWS.com.au.

“They will be visiting brokers to help them, but all sales will be handled by us under our Australian financial services licence.

“Steadfast brokers talk about risk, and now we want them to include personal risk in the conversation.”

Steadfast Life’s product list includes all major life insurers. Advisers will find the right product for their clients’ needs, Mr Conway says.