In this newly created role, David will work closely with financial advisers to help them improve the client experience and ensure more policy owners understand they have a choice when their life insurance is at risk of lapsing or cancellation.

According to Protip DasGupta, iExtend’s Chief Distribution Officer, the appointment reinforces the company’s commitment to empowering advisers.

“We’re pleased to welcome David to the team in a role focused on helping advisers deliver a more personalised, proactive, and financially beneficial experience to their clients,” said DasGupta. “By streamlining the process and offering hands-on support, David will help broaden adviser capabilities and strengthen client relationships.”

By providing direct engagement, training, and strategic support, David will equip advisers with the tools and insights to identify opportunities where iExtend’s solution may unlock financial value or the opportunity to preserve some critical cover. This allows clients to make more informed decisions about their life insurance options and improves long-term outcomes.

David brings a strong background in life insurance and financial services, including almost nine years at Resolution Life as Partner Relationships Manager, and over six years at iSelect in roles across sales management, training, and call centre leadership. With experience working as a financial adviser, he has a deep understanding of adviser needs and client expectations.

iExtend offers a unique solution for life insurance policy owners who are considering cancelling or reducing their life insurance cover. The business co-owns the policy, takes over premium payments, and shares future claim benefits, with the claim split based on how long iExtend has been paying premiums.

Importantly, one in four policies assessed by iExtend are ultimately retained by the policy owner, demonstrating the potential value that may otherwise be lost. This also gives advisers a powerful retention strategy, allowing them to maintain long-term relationships and support clients when it matters most.

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Michael Hull

iExtend has appointed Michael Hull as Chief Operating Officer to enhance its operational frameworks and to ensure compliance and regulatory standards and customer excellence continue to be delivered as the business grows.

Michael brings an extensive and broad business background to the role, having spent more than two decades in equity markets where he worked as a trader before moving into management roles and international appointments.

In this period of his career, Michael held senior appointments at BT Australia, Merrill Lynch and ANZ where he was the Head of Trading. Following this experience, Michael ran a successful franchise, working with Australian families to provide a technology-delivered education solution.

iExtend CEO David Sarkis said Michael joins the iExtend team at a crucial time in the business’s growth trajectory.

“Since iExtend gained its AFSL last year, iExtend has further cemented its place in the financial services industry as a provider of choice to life insurance policyholders who have decided to either cancel or reduce their cover and have experienced a health change.”

He added: “We want to ensure our methodology and procedures continue to deliver high rates of compliance and regulatory adherence and we look forward to Michael facilitating future business growth built on these strong foundations.”

iExtend was launched more than three years ago, providing Australians who were seeking to cancel or reduce their life insurance cover and had a change in health, with another choice.

Over the past 12 months, market conditions including cost of living crisis, interest rate uncertainty and rising premiums, have driven more Australians to question the value of their life insurance and to view it as a liability rather than an asset.

“We want to instil confidence and value into life insurance by providing Australians with another option to cancelling or reducing their cover after a change in health,” said Sarkis.

For more information on this media release, please contact:

Fiona Harris

MOB: 0466 012 434

Email: Fiona.harris@iextend.com.au

About iExtend

iExtend exists to address the gap in the life insurance market for policyholders cancelling their life insurance. Backed by a major family office, iExtend collaborates with advisers and market-leading service providers such as Perpetual, to further support the development and growth of the business. iExtend presents its offering under its AFSL.  IExtend does not provide personal advice on existing life insurance or the cancelation decision, this remains with financial advisers who retain the servicing adviser relationship.

Summary of the iExtend Offer

iExtend offers a no-additional-cost life insurance retention option for Australians to retain some cover for their beneficiaries. By entering an iExtend Life Co-Ownership Arrangement, Australians can retain an original share of their term-life policy, with iExtend paying all the premiums on the co-owed policy. While cancelling a life policy will save policyholders the costs of further premiums, the value of all past premium payments will be lost, and any potential future benefits can no longer be relied upon.

iExtend provides an opportunity for policyholders to maintain some of their original cover after they have determined to cancel. iExtend will only consider policies where the policyholder has already committed to fully or partially cancelling their term-life insurance cover.

Finally, iExtend is a private company offering life insurance policyholders the opportunity to retain some value that would otherwise be lost when cancelling by acquiring interests in life insurance policies through a Life Co-ownership Arrangement. iExtend does not intend to provide, nor does it provide, financial, legal, or personal advice of any kind, including to its co-owners, other than of a general nature regarding the Life Co-ownership Arrangement and within the terms the iExtend AFSL.

[ends]

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David Sarkis

Australians are questioning the value of their life insurance, turning to their financial advisers to help them decide whether to cancel, reduce or retain their life insurance cover.

A perfect storm of rising interest rates, the cost-of-living and premium hikes, coupled with demographic and health changes, has left many Australians unsure of the value of their life insurance policy.

According to iExtend CEO David Sarkis, this uncertainty is making more Australians waiver in their commitment to continue their life insurance cover, who view it as more of a liability than an asset.

“As a result of a range of financial and demographic pressures, we have seen more Australians change their view of their life insurance and are seeking to cancel it.”

According to the Council of Australian Life Insurers, 68% of Australians are concerned that cost of living pressures will impact their ability to afford or continue paying life insurance, in comparison 23% of Australians would consider cancelling their life insurance if affordability were to become an issue.^[1]

“The impact the cost of living is having on life insurance cannot be underestimated, with many Australian households feeling the pressure of daily life, leading them to consider cancelling their policies to alleviate the immediate burden of meeting premium payments,” said Sarkis.

Seven key factors driving policy cancellations are:

1. Rising premiums – Life premiums are expected to increase by 1.5% in 2025 in advanced markets while in emerging markets like China, India, and Latin America premiums could increase by 5.7%.^[2] This outlook erodes confidence in the value of sustaining life insurance for the long-term.
2. Increased prevalence of chronic health conditions – Two in five Australian workers (39%) are living with a chronic condition.^[3] A change in health circumstances and the decision to cancel a life insurance policy, are two requirements of iExtend’s qualification criteria.
3. Aging population – By 2066, people aged 65 and over will make up between 21% and 23% of the total Australian population.^[4] As Australians get older, issues such as insurance and estate planning become more top of mind for more Australians.
4. Cost-of-living – The monthly Consumer Price Index (CPI) indicator rose 2.3 per cent in the 12 months to November 2024, up from a 2.1 per cent rise to October.^[5] Sustained financial pressure has many Australians looking for ways to cut discretionary costs.
5. Intergenerational wealth transfer – The Productivity Commission estimates the transfer of intergenerational wealth to be $3.5 trillion in assets by 2050.^[6] Wealth redistribution and estate planning will become a major driver of estate planning and in decisions around life insurance.
6. Property and business sales – The cost-of-living crisis is one of the key challenges facing the Australian property market in 2025, driving more Australians to sell their property and business, regardless of timing.^[7] In this situation, life insurance policies become a long-term asset that can retain some of its value through a co-ownership arrangement.
7. Accessibility to advice challenge –With approximately 15,400 advisers in the Australian advice industry, accessing professional financial advice to help Australians evaluate all their financial options before they cancel their life insurance and retain no value is an ongoing challenge.^[8]

iExtend offers a unique alternative to life insurance policyholders who have committed to cancelling or reducing their life insurance. iExtend pays all premiums on co-owned life insurance while future claim benefits are shared with the policyholder, their beneficiaries or estate, with the claim split based on how long iExtend has been paying the premiums.

One in four of the policies assessed by iExtend is retained by the policyholder, demonstrating the value that would have been lost and offering a vital retention strategy for advisers who can maintain their commitment to being there when their client needs them most.

“iExtend is working with advisers and their clients to ensure they make informed choices about the future of their life insurance policies, decisions which impact families and generations of Australians,” said Sarkis.

———

Notes:
[1] Council of Australian Life Insurers ‘The State of Australia’s safety net’ Report
[2] Deloitte Centre for Financial Services 2025 Global Insurance Outlook
[3]Chronic Health Conditions in the Workplace 2024 Report
[4] The Australian Institute of Health and Welfare, based on ABS data as at 30 June 2020
[5] ABS Monthly Consumer Price Indicator November 2024
[6] Productivity Commission Wealth Transfers and their Economic effects Report November 2021
[7] What to expect from the property market in 2025, FirstLinks, Morningstar company
[8] Wealth Data Financial Adviser Market Insights Jan 9, 2025

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King is the first locally-based resource in Western Australia and will work with financial advisers and their clients in the region. His appointment reflects increased demand for iExtend and the service it provides Australians questioning the value of their life insurance.

King brings extensive experience to the newly created role, a career-long professional in financial services spanning more than 25 years working with insurance providers and licensees. Most recently King was Business Partnerships Manager at Resolutions Life and prior to this, he spent time with Integrity Life, Guardian Advice and OnePath where he was a Senior BDM for six years.

iExtend Head of Distribution Protip DasGupta commented, “We are excited to be expanding our team with Wes’s appointment on the west coast, a reflection of the momentum which iExtend is continuing to build in the market and with financial advisers over the past two years, particularly since the acquisition of our retail licence earlier this year.”

In a report commissioned by the Council of Australian Life Insurers (CALI), more than two-thirds (68%) found Australian workers are concerned that the cost-of-living pressures will impact their ability to afford life insurance in the future. Further, 23% would consider cancelling their life insurance cover if affordability was to become an issue.¹

iExtend considers policies where the policyholder has already committed to fully or partially cancelling their term life insurance cover. By entering an iExtend Life Co-Ownership Arrangement, Australians can retain an original share of their term-life policy, with iExtend paying all the premiums on the co-owed policy.

In July this year iExtend was granted its Australian Financial Services License by the Australian Securities and Investments Commission, marking a significant development in the business’s history and growth. Following this, iExtend embarked on a national licensing roadshow with its risk adviser network, the iExchange Forum and will have a strong presence at the FAAA National Congress in Brisbane in November.

“iExtend is building good support in the Australian market, an output of the strong and valuable relationships financial advisers has with their clients,” said DasGupta. “We do not take this support for granted and are committed to providing financial advisers with what they need to look after their clients.”

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David Sarkis

iExtend has been granted its Australian Financial Services License (AFSL) by the Australian Securities and Investments Commission (ASIC), marking a significant development in the business’ history and future growth.

The AFSL validates and strengthens iExtend’s offer to provide Australians with the opportunity to extend the life of their existing life insurance policy when they otherwise make the decision to cancel it.

It also broadens the scope of iExtend’s offering, enabling iExtend to fully participate in the financial services market and to provide financial advisers with stronger support to help their clients with insurances that would otherwise be abandoned by them. Importantly, the AFSL provides a clear and definitive decision on how iExtend fits into a regulated market.

iExtend’s CEO David Sarkis commented: “iExtend is pleased to accept the certainty provided by the issue of an AFSL, the result of a consultative process between ASIC and iExtend.  This provides a pathway for how innovation such as iExtend can best participate in this industry and within a consumer protection focused framework.”

The approval of iExtend’s AFSL confirms iExtend is:

• Licensed to operate within its licence terms of the Australia financial service sector.
• Compliant with the standards of the industry, providing reassurance through the validation and simplification that an AFSL provides.
• Able to deliver the added resources and support that come with holding an AFSL such as Product Disclosure Statements, Financial Services Guides and supporting documents.
• Holding Professional Indemnity Insurance required as an AFSL holder.
• A Member of the Australian Financial Complaints Authority (AFCA), providing policyholders an alternate dispute resolution process.

Further, with the appropriate authorisation for iExtend personnel to provide general advice, there is now greater scope to support a referral and introduction relationship to the iExtend offering.

iExtend has received strong support from several advice groups including Lifespan Financial Planning, Advice Evolution, MBS insurance, Life Experts and Newlane Risk, some of which iExtend is also an education partner. iExtend believes there is a growing industry acknowledgment that it is important to make clients aware of the iExtend offer as an alternative when discussing life insurance cancellations with clients.

These groups recognise iExtend provides an opportunity for policyholders to maintain some of their original life insurance cover after they have otherwise determined to cancel.

iExtend considers policies where the policyholder has already committed to fully or partially cancelling their term life insurance cover.

iExtend has participated in numerous industry association conferences, in particular FAAA along with specialist groups such as Ensombl, RiskInfo and Padua. iExtend remains committed to its involvement in AFSL Professional Development Days and to the iExtend iExchange Forums, a national network of more than 100 like-minded risk advisers who connect and to advocate industry solutions to addressing current industry challenges.

“iExtend is proud of its achievements and the AFSL marks a new chapter of opportunity for the offer and solidifies our desire to work with financial advisers and their clients to ensure life insurance is seen as an asset rather than liability,” said Sarkis.

For more information or to interview iExtend’s CEO David Sarkis, please contact:

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Michael stood out with his extensive accounting and tax experience and brings considerable skills to iExtend having worked previously with companies ranging from start-ups to US listed multinationals.

Complemented by a strong legal background and technological acumen, Michael will help further accelerate iExtend’s growth and scaling plans.

Most recently Michael served as the Head of Financial Control and Head of Tax at Axi, and previously managed the tax function of Equifax Australia and New Zealand. He also has a wide experience working in professional services, having worked for both Deloitte and KPMG, in Australia as well as overseas.

Reporting to iExtend’s CEO, David Sarkis, Michael’s appointment reflects iExtend’s ongoing commitment to bringing a robust, innovative and process-driven offer to the market.

“We are thrilled to welcome Michael to iExtend as we continue on our growth trajectory and explore our licensing options with ASIC. This is an exciting time in our journey and we are confident we have put in place a strong offer which can help policyholders retain their valued life insurance policies.”

iExtend is gearing up for a busy 2024 following the announcement it will become licensed this year. Holding an Australian Financial Services Licence (AFSL) will substantially expand the growth opportunities for iExtend, both in terms of the services and support it can offer advisers, as well as cementing iExtend’s future in the industry.

“iExtend has been humbled by the support we have had from advisers since announcing our upcoming AFSL,” said Sarkis. “We see this support as a further endorsement of our offering, our business and our mission.”

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David Sarkis

iExtend has launched the iExchange Forums, a national assembly designed to bring together like-minded advisers from across Australia to provide an opportunity to connect and to advocate industry solutions to current industry challenges.

The iExchange Forums encapsulates how iExtend will continue to work with advisers, in a collaborative manner, to ensure the best outcome for policyholders. iExtend has hosted iExchange Forum launch events in Sydney, Brisbane, Melbourne and Perth and this week, will launch the Forum in Adelaide.

Already more than 40 licensees and privately owned businesses have attended these events, creating a foundation member group of over 80 risk advisers across Australia. The Forums have been well received by advisers who  have valued the opportunity to build their network, collaborate and discuss how insurance can be better viewed as an asset rather than a liability.

“It is great to have like-minded advisers in the one room who are positive about the future and yet bring deep experience with them,” said Don Trapnell, former Synchron Chairman and current Director, Llenpart Financial and Founding Member of iExchange Forum, Melbourne

“iExtend is bringing together advisers in forums that are educational, positive and social and where advisers can listen to each other,” said Nowak Financial Services Director and former AFA President Michael Nowak and Founding Member of iExchange Forum, Brisbane

“The iExtend Exchange Forums are a new, adviser-focussed way to catch up with fellow advisers who are seeing similar challenges to you and who can provide insights on how they are responding to them,” said Reece Keys, Financial Adviser, Solace Financial House Financial Adviser and Founding Member of iExchange Forum, Brisbane

To date, the national events have showcased CPD accredited presentations from Strategy Consultant and former Zurich/One Path Risk Strategy expert Mark Neil, iExtend CEO David Sarkis and iExtend Head of Distribution, Protip DasGupta.

According to iExtend CEO David Sarkis, advisers are looking to connect face-to-face, to compare stories and experiences and to leverage their great skill.

“The insurance operating environment is very complex and stressful right now with a number of issues hurting policyholders, and financial advisers are having to deal with this. The Forums provide a unique setting for them to come together and discuss new approaches and what is working.”

Over the coming months, iExtend will attend a number of industry events, PD days and Licensee days as it continues to inform and educate the advice market on its offer. iExtend is currently operating under a Corporate Authorised Representative licence while it awaits its Australian Financial Services Licence from the Australian Securities and Investments Commission.

iExtend’s Head of Distribution Protip DasGupta said advisers are key in assisting Australians make good choices about their life insurance, particularly when they are under pressure with health changes and financial pressures.

“Financial advisers are central to helping Australians manage and retain their life insurance policies. iExtend has been working closely with them to ensure they understand how iExtend works, and how our proposition can help the policyholders, advisers and insurers, overall enhancing the sustainability of the life insurance industry.”

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Mr Cassidy was the founder of AMP’s private capital business in 1993 where he managed investment funds across resources, infrastructure and manufacturing. In this role, he was involved in major public investments such as Optus as well as privatisations such Melbourne Airport and Victorian electricity generation and distribution.

In 2001 Mr Cassidy founded private equity firm The Sentient Group which manages capital for institutional investors such as endowments, family offices, pension funds, sovereign wealth funds and insurance companies in the USA, Europe and Middle East. In 2017, he retired from The Sentient Group in 2017 to establish Moss Ridge family office.

Mr Cassidy holds a degree in Geology and a first class honours degree in Chemistry from the University of Tasmania and a PhD in Coal Science from Monash University.

iExtend CEO David Sarkis commented, “We are delighted to have Peter join iExtend as Chairman and are fortunate to have someone of his experience and calibre to help guide us in the next stage of our growth. Peter joins us at a busy and pivotal moment where we have the opportunity to scale our business with the adviser support we have built and further develop our enterprise solutions to elevate our industry-leading offering for licensees.”

In November, iExtend announced it would be granted a new retail Australian Financial Services Licence (AFSL) by the Australian Securities and Investments Commission (ASIC). An AFSL provides clarity as to how iExtend can participate in the industry as well as providing further opportunities to educate and inform advisers about the offer.

It is expected 2024 will be a game changer year for iExtend as continues to build momentum and cement itself into the financial services industry.

“iExtend would like to thank former iExtend Chairman Rodney Payne for his tireless efforts and commitment to the business over the past three years,” said Mr Cassidy. “He helped the business mature from start-up phase and we wish him great success as he pursues new opportunities during the next stage of our growth.”

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David Sarkis

In anticipation of its AFSL, iExtend has obtained a Corporate Authorised Representative (CAR) arrangement for the interim which enables it to continue engaging with the industry while waiting for its Authorised Financial Services Licence (AFSL).

Securing the CAR arrangement is an important development in iExtend’s journey as it demonstrates the businesses commitment to maintain adviser engagement and conversations which are key  foundational pillars to the co-ownership offer.

A CAR enables iExtend to act as an agent of an AFS licensee and means it is authorised to provide specific financial services outlined in their agreement with the licensee. These services may include financial advice, investment management, insurance broking or dealing in financial products.

According to iExtend CEO David Sarkis, the CAR established with Ingenious Brokers Pty Ltd is the next step in iExtend’s proactive licensing journey.

“We have always been proactive in the market whether that be with advisers, insurers or regulators and this is no different in that we have sought out an arrangement that legitimately enables us to engage with the industry before we get our AFSL.”

iExtend provides an opportunity for policyholders to maintain some cover after they have determined to cancel, even if health conditions may impact their life expectancy. iExtend only considers policies where the policyholder has already committed to fully or partially cancelling their life insurance cover, and a financial adviser has determined this is in their best interest.

The AFSL will further strengthen iExtend’s offer to provide more Australians with the opportunity to extend the life of their existing life insurance policy when financial, health, lifestyle or other circumstances change, and follows proactive and pre-emptive consultation by iExtend with the Australian Securities and Investments Commission (ASIC) prior to its launch in 2022.

“iExtend was pleased to accept the certainty provided by this licensing process and I am proud of the way the business proactively worked with ASIC over the past two years to understand how a new and innovative offer such as iExtend fits into such a regulated market,” said Sarkis.

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Existing board members already include Geoff Lloyd, Peter Bobbin and Rodney Payne, and the addition of Goss brings further industry expertise to the role, as well as continued independence, strong guidance and more than a decade of recent experience with a number of the major insurers.

A former insurance executive, most recently Goss worked with MLC Life Insurance, where he was National Manager Debt Protection and Partnerships and a Regional manager, Bancassurance, Direct and Digital. Prior to this, he was Head of Adviser Distribution, Retail Advice at CommInsure where he was responsible for the businesses distribution strategy and managing the sales and support teams.

Goss was also Head of Insurance Retail Sales at ANZ Wealth and National Sales Manager, Life. Risk at Zurich Financial Services Australia.

According to iExtend CEO David Sarkis, the ability of iExtend to attract Board members of Goss’s calibre, demonstrates the integrity and value of iExtend’s proposition and its desire to bring the best people and opportunities to the table.

“We are delighted Kevin joins our Advisory Board adding further bench strength to our existing Advisory Board members who offer incredible industry insight and bring years of industry experience to the iExtend proposition and to understanding how it fits into a regulated market.”

iExtend launched last year and has been met with wide adviser support, offering them and their clients another option to the cancellation of life insurance policies.

“iExtend has a valuable role to play in ensuring the sustainability of life insurance, particularly in challenging market conditions such as now where the cost of living and rising premiums are making it harder for clients to view insurance as an asset,” said Sarkis.

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