Learn About Transferring a policy to Keep Insurance Co
Transferring a policy to Keep Insurance Co
When you transfer an existing policy to Keep, we will collect the ongoing trail commission and return at least 50% to you, starting from your first premium payment with Keep.
Simply enter your current policy details on our Transfer your Policy form and we'll do the rest. Some insurers require a signed form so we may need to get your signature before we can process the transfer so keep an eye on your email.
Life Insurance sold through financial advisers usually attracts an ongoing commission payment to the adviser, which is generally around 20% of your premium.
When you transfer an eligible policy to Keep, we collect that ongoing trail commission and return at least 50% to you, starting from your first premium payment with Keep.
We also let you manage your own policy through our member portal. This is where you can request changes to your policy, check your cover is adequate, request support for a claim and compare your policy with other products on the market.
Starting from your first premium payment with Keep we will begin collecting your trail commission and return a minimum of 50% to you, around 10% of your annual premium. This will be returned to you on a quarterly basis.
Commission will have already been collected on payments made prior to transferring. We will only be able to collect and return commissions from your next premium payment.
No, when you transfer your policy to Keep, everything will stay as is, except that Keep will be registered as the servicing adviser so that we can collect the commissions and return them to you.
If you choose to transfer your policy to Keep Insurance, your insurer will inform your current adviser that the servicing adviser has been changed. Generally, the adviser will be given a period of time to follow up with you prior to the policy being moved.
Please note if your adviser is supporting you with other financial advice needs (such as investments) those arrangements will not be impacted by this change.
When there is no servicing adviser registered to an eligible policy, the commission will remain with the insurance company. If you transfer that policy to Keep, we will be able to start collecting any ongoing commission for that policy and return at least 50% to you.
The Life Insurance available through Keep Insurance Co is generally sold through Financial Advisers and attracts a commission payment, which could be more than 20% of your annual premium cost. By placing your insurance through Keep, or transferring your existing policy to us, you can keep at least 50% of any future commission payments which we will collect and return to you.
Note, some insurance policies do not generate commission payments e.g., built-in insurance provided by your super fund