Macquarie Life’s new Active product has attracted $1 million of premiums in the first 10 weeks of operation.

During that period, 180 advisers have submitted applications on behalf of more than 500 clients.

The insurer says more than 30% of those advisers were either new to Macquarie Life or have submitted applications for the first time this year.

Head of Macquarie Life Justin Delaney says the success of the product has been due to its features and flexibility.

“Active was borne out of past learnings and the best practices of three key markets – Australia, UK and South Africa – which are all at different stages of maturity and development when it come to life insurance,” he said.

“The product offers several features that have never been available before in Australia creating what we believe is a new category of life insurance.”

Active includes life, trauma and total permanent disability within one policy. This allows clients to make multiple claims on the same policy.

Mr Delaney says the structure of Active is making it easier for advisers to explain the product to clients.

“It can be hard for individuals to understand the benefits of taking out a life insurance policy especially those without a family to support, often because they would not see any benefit to them until they die,” he said.

“Active provides benefit while the client is living, to both them personally and their family, so for the adviser to explain the product and its importance has become an easier task.”