Synchron has partnered with AIA Australia on a new fixed-term, level-premium life insurance product to be sold by the dealer group’s advisers.

Director Don Trapnell says the tie-up comes after Synchron approached several Australian life insurers to develop such a product.

“Fixed-term level life insurance products have been widely available in international markets for some time,” he said. “We think it’s time Australians had more choice when it comes to how they structure their life insurance solutions.”

The product is still being finalised, but it is expected to be on the market before the end of the year.

“Once launched, the new product will offer Australians fixed, level premiums that can change over time to better reflect their life stage and situation,” Mr Trapnell said. “The client will enjoy guaranteed renewability – meaning they can continue after a fixed term and no additional underwriting would be required.”

AIA Australia Retail Product Manager Steve Baxter says details of the new product are being kept under wraps, but it will complement current stepped and level products.

“This means advisers will be able to better align the products to meet the specific needs of individual clients,” he said.

“We commend the leadership position Synchron is taking on this.”