Specialist life insurance dealer group Synchron says four insurers are working on the costing phase of a new premium structure for products.

Director Don Trapnell says the structure has been designed on a level-premium, set-term basis and put out to tender with the selected insurers.

“The structure we have designed provides the ability for the adviser to personalise the product to the specific needs of the client,” he said.

“The product will have a number of level premiums and will be for a set term. Premium structures at first indication are comparable to current yearly renewable term rates.”

Mr Trapnell says the product’s remuneration structure can be moulded by advisers to suit the effort required to secure the business.

“While we are pleased by recent announcements from AMP and Centrepoint, there are other levers that need to be pulled and addressed… we believe it is up to us to not just follow others, but to take on a leadership role.”