Each year, the Financial Planning Institute Convention offers a chance to reflect on what really matters in the advice profession. This year’s theme, “Bring it home,” resonated perfectly with Bidvest Life’s long-standing message: “when life happens, we show up”. It’s more than a marketing line; it’s a philosophy that recognises the deeply human role financial advice plays in protecting people when the unexpected strikes.

I caught up with Nic Smit, Product and Pricing Executive at Bidvest Life, to talk about what “bringing it home” means to the business, and how the life insurer is helping advisors navigate a landscape marked by complexity, affordability pressures, and evolving client expectations.

Translating policies into purpose - “Insurance has always been a bit of a grudge purchase,” Nic says candidly. “People are often sceptical of life insurers, and advisors have the difficult job of translating what looks like a policy into something that meets a real need.”

That translation is central to the advisor–client relationship, and it’s where many of the biggest challenges lie. “If someone feels like they’ve just been sold a policy, they view it very differently from when they understand what that cover actually does for them,” he explains. “When you help someone see that life cover means their children can finish school if they’re not around, that’s when the product becomes meaningful.”

Affordability is another daily reality. Advisors will conduct a Financial Needs Analysis, only to find that the ideal solution is out of reach for the client’s budget. “There’s a constant optimisation process,” says Nic. “The adviser must prioritise what’s most critical and present the optimal solution, but ultimately the client must decide which trade-offs to make. That’s not easy, especially when every need the advisor identified for the client is a real one.”  

Layered on top of that is complexity. Life insurance products are intricate, constantly evolving, and every insurer has its own processes. “Advisors are managing multiple products from different providers, all evolving all the time,” Nic notes. “They need to distil that complexity into something simple and understandable, and do it quickly.”

Smarter cover through better design - As a product developer, Nic naturally sees opportunity in these challenges. “At Bidvest Life, our response starts with the product itself,” he says. “We’ve built features that allow advisors to structure cover more intelligently, eliminating waste and achieving greater affordability.”

He highlights two innovations: Bidvest Life’s Commutation Option and Life Income benefit.

“The Commutation Option lets clients receive a lump-sum payout on permanent disability by commuting part of their income protection,” Nic explains. “It’s an elegant way to combine two needs, income continuity and lump sum cover, into a single, cost-effective solution.”

The Life Income benefit, together with traditional lump sum death cover, enables clients to structure a financial plan that provides both lump sum and income benefits. This is important because while some needs on death are lump sum in nature (like settling debt or paying estate duty), many others require ongoing income on death (like covering a child’s monthly expenses until they finish university, for example). “Life Income aligns income needs with an income benefit, making the cover more tangible and relevant to each client’s personal circumstances. It can also make the overall cover more cost-effective.”