Life Insurance Blog
CommInsure has announced a number of policy and service enhancements outlined in their new Product Disclosure Statement launched on 20 November 2011.
One of the key policy enhancements includes the introduction of 33 new insurable mining occupations, increasing CommInsure's mining-specific occupations to more than 40.
CommInsure have also stated that their focus on service improvement has delivered results with 40% of their income protection insurance claims being processed in 48 hours.
Below is a summary of the enhancements made to CommInsure's insurance policies.
CommInsure Life Insurance
- Higher sums insured for Child Cover, up to $250,000
- More adaptable cover to help when circumstances change with Guaranteed Insurability Option
- More occupations covered within the mining industry
CommInsure Income Protection Insurance
- Extended list of specific injuries for Income Care Plus
- Lower minimum threshold for part-time workers at 20 hours
- More occupations covered within the mining industry
- An extra 33% more for serious medical conditions under the Total Disability Benefit
CommInsure TPD Insurance
- Own occupation TPD Cover Definition Enhancement
- Lower minimum thresholds for part-time workers who would like own occupation definition cover
- Greater flexibility for blue collar workers, with new 'own occupation' option on TPD
- New partial TPD benefit
CommInsure Trauma Insurance
- Higher sums insured for Child Cover, up to $250,000
- More adaptable cover to help when circumstances change with Guaranteed Insurability Option
- Enhanced definitions for loss of hearing and partial loss of hearing
- New cancer benefits for Trauma Cover:
- Testicular cancer
- Early stage breast cancer
- New partial cancer benefits for Trauma Plus:
- Early stage ovarian cancer
- Early stage cancer of the fallopian tubes
- Early stage penile cancer
- New pneumonectomy benefit
- Small bowel benefit added to transplant benefits
For more information on CommInsure Life Insurance or these policy enhancement please call an xLife adviser on 1300 135 205.
Source: CommInsure 2011
Related Links: CommInsure Insurance
AMP Insurance has recently announced 33 policy enhancements for 2011,which will be passed back to existing policy holders at no additional cost.
The changes will take effect as of 7 November 2011 for AMP Flexible Lifetime Protection, and 21 November 2011 for AMP Flexible Super, Flexible Lifetime Super, SignatureSuper and CustomSuper.
The following is a summary of the enhancements made to AMP's insurance policies.
AMP Life Insurance
- Interim accident cover has been extended to include cover for illness after 30 days.
- The Guaranteed Future Insurability benefit is now available to insured lives with a premium loading of up to 50% or an exclusion. It now also allows for increases in relation to business insurance events supporting partnership protection, key person cover and loan protection.
- The home duties definition of TPD now includes the 'any occupation' definition.
- The three-month disablement period required for TPD claims will be waived if the customer experiences one of 18 specified health conditions or injuries.
- AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured person for life insurance, TPD insurance or Trauma Insurance policies, if the insured person is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
- If the TPD or Trauma insurance policy does not include Death cover, then AMP will pay $10,000 under the death benefit feature if the insured person dies.
AMP Income Protection Insurance
- Interim cover has been extended to include cover for illness.
- Employed customers who change jobs can reduce their waiting period to the next shortest available, without underwriting. This is available for waiting periods up to 90 days.
- Customers who have a personal plan with a two-year waiting period to supplement an employer group plan, will be able to reduce the waiting period on their personal plan in the event that their employer group plan is cancelled when they change employers. The customer can reduce their personal plan waiting period from two years to 52, 26 or 13 weeks.
- If the insured person dies while on claim, six times the monthly benefit is payable to a maximum of $60,000.
- The enhanced definitions of cancer and major head trauma have been applied to the trauma feature under Income Protection Advanced.
- The trauma feature pays a guaranteed benefit for six months if the insured is diagnosed with one of 22 trauma conditions.
AMP Trauma Insurance
- If the insurance plan does not include Death cover, then AMP will pay $10,000 under the death benefit feature if the insured person dies.
- AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured person, if the insured person is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
- The Guaranteed Future Insurability benefit is now available to insured lives with a premium loading of up to 50% or an exclusion.
- AMP have added Loss of independent Living to the trauma conditions covered under Interim cover which covers customers applying for Trauma cover Optimum.
- Addition of new types of Trauma covered with full payment including:
- Bacterial meningitis and meningococcal disease
- Addition of new types of Trauma covered with partial payment including:
- Type 1 diabetes
- Carcinoma in situ of the penis
- Carcinoma in situ of the perineum
- Loss of use of one limb
- Improvements to existing Trauma conditions including:
- Benign tumour of the brain and spinal cord
- Multiple sclerosis
- Major head trauma
- Severe rheumatoid arthritis
- Prostate cancer
AMP Childrens Insurance
- For Childrens Insurance, AMP will now reimburse reasonable accommodation expenses of an immediate family member of the insured child, if the insured child is bedridden and over 100km from home, or if they need to travel for medical treatment. AMP pay up to $250/day, up to a maximum of 14 days.
- Improved definitions for:
- Major head trauma
- Meningococcal disease
- Benign tumour of the brain and spinal cord
For more information on AMP Insurance policies please contact an xLife adviser on 1300 135 205.
Source: AMP 2011
Related Links: AMP Insurance
TAL Insurance, previously known as Tower Insurance, has recently announced a raft of policy enhancements for 2011.
The enhancements feature improved definitions for income protection insurance and trauma insurance, as well as a number of technological and process improvements.
The summary below outlines the enhancements made by TAL insurance.
TAL Life Insurance
- Faster Life Insurance Cover buy-back: Exercise Death buy-back sooner, just 12 months from the date of the claim lodgment. Applicable to Total and Permanent Disability insurance and trauma insurance.
TAL Income Protection Insurance
- A combined Total Disability definition: The Total Disability definitions for Income Protection insurance (Premier and Standard) and Business Expense insurance have been combined for greater simplicity. Income Protection Premier claimants will also continue to enjoy the option of working up to 10 hours per week whilst on claim without reducing the benefit payable.
- A more generous Accommodation Benefit: Renamed the 'Accommodation and Transport Benefit', this benefit now covers transportation costs. Applicable to Income Protection Premier.
- Agreed value for Total Disability payments: Financial evidence is no longer required during the first three months following the waiting period. Applicable to Business Expense insurance.
TAL Trauma Insurance
- Faster trauma insurance reinstatement: Exercise reinstatement sooner - just 12 months from the date of claim lodgement. Applicable to trauma insurance.
- Improved prostate cancer definition: The definition has been improved to encompass Gleason scores of six and seven. Applicable to Trauma Insurance Standard and Premier.
- Broader cover of Carcinoma in Situ sites: Corpus uteri (the uterus) is now also a covered site. Applicable to Critical Illness Premier.
For more information on the enhancements to TAL's life insurance policies, contact xLife on 1300 135 205.
AMP Financial Services has made a number of Senior Management appointments following the AMP and AXA merger.
The key appointments have been made across three business teams:
- Wealth Protection and Mature Products,
- Strategic Marketing and Sales, and Banking, and
- Wealth Management Products.
Previous AXA Insurance Managers
A number of AXA Insurance's previous managers have been placed in these new positions. These appointments are outlined in the following summary.
Wealth Protection and Mature Products
- Michael Rogers, Director Retail Risk (previously AXA GM Financial Protection)
- Robert Bergin, Director Group Risk (previously AXA Head Group Insurance)
- Stephen Varney, Director Pricing & Reinsurance (previously AXA Head of Pricing and Reinsurance)
Strategic Marketing and Sales
- Cam Cimino, Director of Business Marketing (previously AXA GM Digital Business & Service Relationships)
Banking and Wealth Management Products
- Robert Baillie, Director Pricing (previously AXA Head of WM Pricing and Risk)
- Steve Burgess, Director Platforms (previously AXA GM platforms)
Related Links: AMP Insurance, AXA Insurance
OnePath have recently made some policy enhancements to their OneCare trauma insurance policy which will go into effect as of 1 October 2011.
The main changes include the addition of new trauma conditions, and improvements to some existing trauma definitions.
Below is a summary of the enhancements made:
OnePath Trauma Insurance
- New trauma conditions included:
- Out of hospital cardiac arrest
- Colostomy and/or Ileostomy
- Improvements to existing trauma definitions:
- Severe burns
- Burns of limited extent
- Severe rheumatoid arthritis
- Intensive care
- Enhancements to the trauma cover reinstatement option, with no further medical evidence needed for certain trauma conditions
For more details please read OnePath's PDS, or contact an xLife adviser on 1300 135 205.
Tower Insurance, also now known as TAL Insurance, is now offering standard rates for select professional and social sports players.
Professional Sports Cover
Tower now offers Life Insurance, Trauma Insurance and TPD cover (ADL) at standard rates for professional sports people, subject to Tower's normal underwriting procedure.
Social Sports Cover
Tower has made a few changes for the following social sports:
- Trail bike riding - Tower now offers income protection insurance at standard rates for people who socially participate in trail bike riding.
- Football - Tower has removed restrictions for occupation classes (AAA, AA+ and AA) when playing football socially. For all other occupation classes, a maximum 8 week waiting period is applied for football related claims.
Zurich has recently announced a raft of enhancements to a number of their policies boasting a more efficient and streamlined underwriting service.
One of the major enhancements has been the removal of medicals (PMAR's - Personal Medical Attendants Reports) for life insurance, TPD insurance and income protection insurance for certain amounts (please read below for specific amounts).
The following is a summary of these enhancements:
Zurich Life Insurance
- Scrapped compulsory PMAR's for TPD cover up to $3m for all ages
- Scrapped compulsory PMAR's for death cover up to $5m for all ages
- Zurich is now able to accept term life insurance cases up to $15m at standard premium rates.
- Sharpened its Death and TPD rates in July this year and since mid August has passed those rate cuts back to policies commencing on or after 1 April 2009
Zurich Income Protection Insurance
- Scrapped compulsory PMAR's for income protection cover up to $15,000 monthly benefit for all ages
- Special income protection offer launched for graduates across a wide range of professions, making it easier to get cover with less hassle.
- Streamlined process to apply for an agreed value income protection policy that has been financially endorsed.
- New ratings for a number of occupations in key market segments
Zurich Trauma Insurance
- Enhancements to 11 trauma definitions
- More generous definitions include those applying to carcinoma in situ, aortic surgery, and diabetes along with a host of other improvements.
- Carer benefit in child trauma cover extended to spouse of life insured. This means that regardless of which parent owns the child cover, the carer benefit is payable in the event that either parent needs to stop full time work to care for a seriously ill child.
For more details please refer to the Zurich Wealth PDS and Supplementary PDS, or contact an xLife adviser on 1300 135 205.
Related Links: Zurich Insurance
AXA Insurance Australia has recently announced a product update to its flagship policy AXA Elevate.
The update specifically addresses longevity with many Australians living longer, and choosing to work for longer and retiring later in life.
While changes have been made to the entire suit of AXA Elevate's products, the main focus has been on income protection insurance and trauma cover.
AXA Income Protection Insurance
- Additional benefit period option up to age 70
- Level premiums now available on income protection products to age 70
- Maximum monthly income protection insurance benefits now increased from $30,000 to $60,000 per month
AXA Life Insurance
- Level premiums now available on life insurance products to age 70
- New short form personal statement for life cover up to $500,000 and for individuals up to 50 years of age
- 5% discount for life, trauma and TPD premiums when a policy is taken by at least 2 people in a business relationship
AXA Trauma Insurance
- Level premiums now available on trauma insurance products to age 70
- Trauma definition changes including melanoma and carcinoma
- An increase in partial benefit payment for the early detection of cancer
- Payments of up to 20% of the sum insured can now be made, up to a maximum of $100,000
For more details please refer to the AXA Elevate PDS, or contact an xLife adviser on 1300 135 205.
Zurich Insurance has recently announced that it will be cutting life insurance premiums effective immediately.
The announcement relates to the release of Zurich's new stepped premium structure, which is designed to take advantage of their broadened rate.
The new premiums are set to benefit those in the 40 plus age bracket, and will also be one of the market leaders in life and TPD for those in the 50 plus bracket.
Life insurance cuts extended to existing policy holders
Zurich has extended the premium cuts to all TPD cover and Stream 2 death cover policies, written on or after April 2009, as they renew from 15 August onwards.
Zurich's life insurance policy features
Zurich has also included some of the following market leading policy features for both Life and TPD insurance:
- A unique in-built Accidental injury benefit on life cover
- A new in-built TPD buy-back benefit
- A new related policy feature, giving more options to structure cover inside and outside superannuation
MBF has recently launched 'Cash Injury Insurance', a policy that only offers lump sum payment for accidents, not illness or sickness.
What the MBF Cash Injury Insurance policy covers
The policy covers:
- Accidental Death
- Accidental Total & Permanent Disability
- Accidental Burns
- Loss of One Limb, Sight in One Eye, Speech or Hearing
- Broken Bones
- Daily Bed Confinement
- Overseas Daily Bed Confinement
- Homecare Assistance
The policy offers two levels of cover, Standard or Premier, with the latter offering a higher lump sum payment when compared to the Standard cover.
Be sure that you understand exactly what the policy offers if you are considering this type of cover.
You should also understand what the policy doesn't cover when compared to other more comprehensive policies available on the market.
More comprehensive cover
These two options offer greater coverage at a comparative premium price.
The definitions inside income protection, life, and TPD insurance policies cover more types of injuries, accidents, sicknesses and disability. This means that should something occur you may have a greater chance of making a claim.
Related Links: Accident Insurance
AXA insurance has made a number of upgrades to its existing income protection insurance policy branded 'AXA Elevate Income Insurance'.
The upgrade to the AXA income protection product will be made to all existing policy holders of this particular product, either now and in the future, where there has been no increase in premium. Most importantly, AXA has stated that clients will not be detrimentally affected by any upgrade.
AXA income protection upgrade summary
- Extended benefit period option to age 70.
- Updated 'indemnity pre-disability definition' to ensure clients receive benefits in line with their highest consecutive 12 month earnings in the three years prior to disability.
- Ability to reduce waiting period from 2 years to 90 days, without any medical requirements.
- Increased maximum monthly benefit to $60,000.
- Increased maximum accommodation benefit to $300 per day with no limit on number of days paid.
- Increased death benefit payable for income (only the Income Protection Plus and Premier plans) and business expense insurance.
- Extended interim cover period from 45 days to 90 days for all income protection insurance and business expenses insurance plans.
AXA introduces Elevate Income Insurance Senior Plan
People are now living longer and as a result are also working longer into their retirement. In response to this change, AXA have introduced a senior's income protection plan which provides cover up to the age of 70. The new plan will be available to white collar workers, specifically occupations classified as MP (medical), AA (professional) and A (managerial and administration).
At the expiry of the existing plan they will be able to convert their existing cover to the Senior Plan (subject to certain criteria being met). The Senior Plan has a benefit period of 1 year and will provide cover until age 70 (up to a maximum benefit of $30,000).
The new Senior Plan will replace the Senior Professional Plan, which will close to new business.
Beauty Products, Pharmacy & Priceline Insurance?
In a recent move, Priceline has partnered with AIA Insurance to offer life insurance to existing and new customers.
Branded 'Priceline Protects', Priceline Insurance is offering life insurance and trauma insurance (labeled 'serious illness' insurance in their product disclosure statement), though these policies do seem to be lacking in coverage.
Priceline first originated as a major chemist and retail chain, with booming success over the past few years with outlets found all over Australia.
AIA Insurance is a major insurer offering a wide range of life insurance products. They have been operating in Australia for the past 30 years, and were originally known as AIG.
Priceline's move into life insurance may seem odd by some, however their clientele are mainly women; and the new life insurance products are marketed as "insurance made by women for women". With this in mind, it does sound like a strategy with potential for a very specific target market, however only time will tell.
The sum insured for Priceline Protects life insurance is capped at $750,000 with coverage until age 75, and the sum insured for trauma insurance is capped at $250,000 with coverage until age 59.
Both products are a stepped style premium, meaning that the cost gradually increases as you age. The application process does not involve any medicals.
Insurance for women
It's important for you to understand what is, and what isn't covered, and this new product is no exception. The information you need can be found in the PDS, however if you are unsure you should speak to a financial adviser.
Some things to look for when comparing policies:
- Determine how much cover you need, and whether the insurer can cater to the amount you need
- Understand what is covered under the policy, and any built-in benefits or optional benefits which can be purchased at an additional cost
- For trauma insurance, it is important to have a wide range of critical illnesses and conditions. A good trauma insurance policy will typically define around 35 to 40 critical illnesses that are covered.
- Read the definitions outlined in the trauma insurance policy as this can vary greatly between insurers. Ensure that the definitions for cancer, stroke, heart attack and heart surgery adequately meets your needs.
- Read and understand what is not covered by the policy.
If you would like to compare the new Priceline Insurance policies for price or comprehensiveness of coverage please contact us as we specialise in insurance for women.
Related Links: Insurance For Women
Tower Insurance has announced a range of enhancements to its Accelerated Protection offering.
The changes include 26 policy improvements, new medical limits and a new pricing structure, supported by a new service delivery and enhanced technology services.
The life insurance company reports that in introducing a new pricing structure; "We have sharpened our rates in the under 45 and blue collar client segments whilst continuing to deliver a highly competitive offer for older clients."
Tower Insurance Accelerated Protection Policy Enhancements
The policy enhancements include:
- Four enhancements to Income Protection Insurance including removal of the 14-day Total Disability requirement for Blue Collar workers
- The addition of business loans and mortgage principal repayments to the list of eligible business expenses under Tower's Business Expenses product
- Ten enhancements, including full cover for Severe (Type 2) Diabetes, to Tower's Critical Illness Insurance product
- Six TPD Insurance enhancements including an improved Own Occupation definition
- Introduction of a new Repatriation Benefit under Tower's Life Insurance cover
- New medical limits where medical assessment is no longer automatically required for:
- Term life insurance up to $5 million
- TPD insurance up to $3 million
- Income protection insurance up to $20,000 monthly benefit
Tower Income Protection Insurance
Tower Insurance has also introduced a new process whereby an income protection insurance client will no longer be required to submit financial evidence at claim time if full evidence is provided at the time of underwriting and supported by the underwriter.
For the latest news on policy upgrades or a quote for Tower life insurance or Tower income protection insurance please contact an xLife adviser today!
Asteron Income Protection Insurance
Enhancements to Asteron income protection insurance policies including Income Advantage, Income Protector and Income Shield:
- Waiting period conversion for employment changes
- Maximum monthly benefit increase Indemnity and Agreed Value
- Income Protector and Income Shield
- Improved Recurring Disability Benefit
- No Workers' Compensation Payment Offset for professional and clerical clients
- Improved method of calculating Pre-Disability Income
- More flexibility whilst overseas for professional and clerical clients
Asteron TPD Insurance
- The requirements for buying TPD Insurance Top Up have been relaxed
- Waiting period has been reduced from 6 to 3 months, with further concessions for specific medical conditions
Asteron Trauma Insurance and Cancer
- Heart attack definition clarified
- Cancer definition improved
- New medical condition introduced
For the latest life insurance news and policy updates speak to an xLife adviser today!
OnePath Life Insurance, previously known as ING Life Insurance, has partnered with Qantas to offer a unique incentive when purchasing a life insurance policy.
This unique partnership rewards new clients with Qantas Frequent Flyer Points, where you can earn one point per dollar of premium paid (including GST), up to 20,000 points in total per annum, for each eligible OnePath insurance policy.
Eligible OnePath Life Insurance Policies
Eligible OnePath insurance policies are life insurance policies issued by OnePath including:
- Term Life Insurance;
- Income Protection Insurance;
- Trauma Insurance;
- Accidental Death Insurance; and
- TPD Insurance.
To earn points the first name and surname on your policy and the Qantas Frequent Flyer membership number provided to OnePath, must match that on your Qantas Frequent Flyer membership.
Points are only earned on premiums after One Path has received your Qantas Frequent Flyer membership details. If you are not yet a member, the Qantas Frequent Flyer membership fee worth $82.50 will be waived (available for a limited time only).
Related Links: ING Insurance
The new OnePath brand which has replaced ING Insurance is now live. All new life insurance applications will now be made under the OnePath brand, with OnePath PDS's now available.
OnePath & ING life insurance applications
If you currently have an ING Insurance branded life insurance application, OnePath will continue to receive and process these up until the 24th December 2010. OnePath will not be able to accept ING branded applications signed & dated after 15th November.
If would like a copy of the OnePath PDS, or would like a quote for OnePath Life Insurance please contact an xLife adviser.
ING Insurance will be changing its name and brand to OnePath on 15 November 2010.
This change is part of the last transition after ANZ purchased ING Group's shareholding November 2009. Previously, ING Australia had operated as a joint venture between ANZ (49%) and the ING Group (51%).
Will the entire ING brand be changed to OnePath?
At the time of the acquisition, it was agreed that ING Australia could continue to use the ING brand under licence while it transitioned to its new brand. On 5 August 2010 ANZ announced OnePath as the new name and brand for ING Australia.
Not all ING businesses will change their name to OnePath. OnePath is the new name for ING Australia - the superannuation, investment and insurance business.
ING DIRECT, ING Investment Management and ING Real Estate continue to be owned by ING Group and will continue to operate under the ING name and brand.
Will the OnePath brand change affect my life insurance?
The name change will not affect the life insurance, superannuation or investment arrangements you have in place with ING Australia today. This means there is nothing you need to do.
Prior to the launch you may see flyers in ING Insurance collateral or receive a letter from ING Insurance informing you of the brand change. Following the launch of the OnePath brand in November 2010 you will also start to see communications under the OnePath brand.
The business that serves you under the OnePath brand will be the same as the one you deal with today, and who has been helping Australians grow and protect their wealth for over 130 years, previously as Mercantile Mutual and more recently ING Australia.
Communication between ING Australia and ANZ
CommInsure Insurance have recently introduced a number a policy enhancements. These changes mainly focus on definition improvements, an increase in cover reward, increased TPD limits, and income protection insurance enhancements.
Term life insurance
- Funeral expenses advance payment benefit increased to $30,000
- Guaranteed Future Insurability benefit now includes de facto relationships
Total & Permanent Disability Insurance (TPD Insurance)
- TPD maximum benefit increased to $5M
- Top up discount of 15% introduced on top up cover purchased after the plan has been in-force for 12 months, available early 2011
- Cancer definition revised and partial payment for early stage prostate cancer introduced for Trauma Plus
- Top up discount of 15% introduced on top up cover purchased after the plan has been in force for 12months, available early 2011
- Guaranteed Future Insurability benefit now includes de facto relationships.
Income Protection Insurance
- Day One benefit increased from 75% to 100% of Monthly Income
- Pre-disability income treatment of unpaid leave prior to claim revised
- Post-natal depression exclusion removed and pregnancy qualifying period revised
- Domestic Help Benefit introduced
- Rehabilitation Expense benefit increased to 9 times monthly benefit
- Family Support Benefit increased from 50% to 75% for 3 months
- Lump Sum payment option added to specific injuries benefit
- Accommodation Benefit increased to $350 per day
To get the latest news on policy upgrades and updates contact an xLife adviser today!
Finalisation of the rebranding of Aviva Insurance to MLC Insurance has been put into place. A 30 day grace period has been given to Aviva life insurance applications dated before 2 October 2010.
If you currently have an Aviva life insurance application in process dated prior to 2 October 2010, please contact one of our advisers to see if we can get your application finalised before the grace period ends.
If your application is not received before the cut-off date you will have to reapply for the MLC Protectionfirst policy.
Once your Aviva life insurance application is finalised you will be issued an MLC branded Protectionfirst PDS with your policy documents.
MLC Insurance is only licensed to use the Aviva Insurance brand until 2 October 2010.
The ACCC today has decided to reject National Australia Bank's (NAB) undertakings of AXA Asia Pacific Holdings Ltd (AXA).
After NAB's purchase of Aviva, the life insurance industry and key stakeholders had voiced concern over competition constraints should the venture go ahead.
The ACCC announcement is good news for the life insurance industry and Australian consumers alike. Maintaining industry competition will help ensure life insurance premiums remain competitive and innovation in the life insurance industry remains high.
The ACCC has recently agreed to commence market soundings on the enforceable undertakings Aviva Insurance has proposed to gain approval for the acquisition of the Australian and New Zealand businesses of AXA Asia Pacific.
Owned by National Australia Bank (NAB), Aviva's proposal for AXA APH is still subject to ACCC and other regulatory approvals which will be determined once the market soundings are complete.
The proposed change involves the divestment by AXA APH of its North investment platform business to IOOF. So if approval does go ahead, Aviva would still retain ownership of the existing North products.
If the ACCC accepts Aviva's undertakings, the final step will be to secure approval from the Treasurer.
Here are a few of the key improvements that ING Insurance have made that may benefit you.
- You can now increase your coverage at every third policy anniversary
- This increase includes those with up to 50% medical loadings on their policies
You can increase your coverage without any additional medical questioning. We all know that we are more prone to health issues the older we get, so this option offers greater protection.
- the 90 day qualifying period begins when application is received, not when it completes
- ING now allows or can offer a cancer exclusion on their trauma insurance policy which will give you a 20% discount off your premiums
The change on the start of the qualifying period means that it is now possible to be eligible for benefits which require a 90 day period much faster.
The cancer exclusion discount is great news for those who have suffered from cancer but still value the rest of their trauma insurance policy. The discount applies when all cancer definitions are excluded from the trauma insurance policy.
Thanks to ING, those working in the mining, oil and gas industries now have alternative options when taking out income protection insurance. This is great news for Aussie miners as personal insurance has previously been difficult to obtain.
ING has stated that income protection insurance coverage is now available for:
- 54 mining occupations
- 10 occupations under ING's Special Risk contract
Some of the Mining, Oil & Gas Occupations now eligible for income protection insurance with ING include the following:
- Mining industry - Auto electrician
- Mining industry - Bogger operator
- Mining/Oil & Gas industry - Boilermaker/welder
- Mining/Oil & Gas industry - Chemical engineer (office only)
- Mining/Oil & Gas industry - Chemical engineer - other (non hazardous materials)
- Mining/Oil & Gas industry - Chemical engineer - (hazardous materials)
- Oil & Gas industry - Derrickmen
- Oil & Gas industry - Crane operator
- Mining/Oil & Gas industry - Engineer - office only (degree qualified)
- Mining/Oil & Gas industry - Engineer - site visits (degree qualified)
- Mining/Oil & Gas industry - Diesel mechanic
- Mining/Oil & Gas industry - Draftsperson (degree qualified)
- Mining/Oil & Gas industry - Draftsperson (other)
- Mining industry - Dragline operator
- Oil & Gas industry - Driller operator
- Oil & Gas industry - Tool pusher
- Mining industry - Dump Truck Operator
- Mining/Oil & Gas industry - Electrician
- Mining/Oil & Gas industry - Electronic technician
- Mining industry - Excavator operator
- Mining/Oil & Gas industry - Exploration manager - office only (degree qualified)
- Mining/Oil & Gas industry - Field assistant - geological
- Mining industry - Jumbo operator
- Mining industry - Pit technician
- Mining/Oil & Gas industry - Geologist (office only)
- Mining/Oil & Gas industry - Geologist (fieldwork)
- Mining/Oil & Gas industry - Plant operator
- Mining/Oil & Gas industry - Industrial chemist (non hazardous materials)
- Mining/Oil & Gas industry - Industrial chemist (hazardous materials)
- Mining/Oil & Gas industry - Instrument technician
- Mining/Oil & Gas industry - Laboratory technician
- Mining/Oil & Gas industry - Labourer
- Mining industry - Longwall co-ordinator (office only)
- Mining industry - Longwall co-ordinator (fieldwork)
- Mining/Oil & Gas industry - Maintenance Planner (office only)
- Mining/Oil & Gas industry - Maintenance supervisor (no manual work)
- Mining/Oil & Gas industry - Maintenance superintendent (no manual)
- Mining/Oil & Gas industry - Mechanical fitter
- Mining industry - Metallurgist - degree qualified (office only)
- Mining industry - Metallurgist (fieldwork)
- Mining industry - Mill operator
- Mining industry - Mill superintendant
- Mining industry - Mine deputy (degree qualified)
- Mining industry - Mine deputy (other)
- Mining industry - Mine manager (degree qualified)
- Oil & Gas industry - Pipeline - machine operator
- Oil & Gas industry - Pipeline supervisor
- Mining/Oil & Gas industry - Surveyor (office only)
- Mining/Oil & Gas industry - Surveyor (fieldwork)
- Mining industry - Carpenter
- Mining industry - Plumber
- Oil & Gas industry - Welder - qualified (not pipeline)
- Oil & Gas industry - Welder - pipeline, or not qualified
- Mining/Oil & Gas industry - Mobile Plant - Supervisor (no manual )
- Mining/Oil & Gas industry - O.H.& S. Manager (office only and degree qualified)
- Mining/Oil & Gas industry - O.H. & S. Manager (office only, not degree qualified)
- Mining/Oil & Gas industry - OH&S Manager/Officer (fieldwork)
- Mining/Oil & Gas industry - Clerical
- Mining industry - Quarry manager (office only and degree qualified)
- Mining industry - Quarry manager (office only and not degree qualified)
- Mining industry - Quarry worker, no explosives
- Mining/Oil & Gas industry - Rescue /recovery team workers
- Mining/Oil & Gas industry - Shift supervisor
- Mining industry - Train driver
- Mining/Oil & Gas industry - Truck driver
- Mining industry - Assayer
- Oil & Gas industry - chef or kitchen worker
To get the latest news on policy upgrades and updates contact an xLife adviser on 1300 135 205.
Related Links: ING Insurance
Thought you may like to know that the new Macquarie life insurance product is now available. It's called 'Macquarie Life Active', and rolls your life cover, TPD & trauma cover into one neat package.
Depending on how you look at it, the new product offers a 20-30% premium reduction, or 25-40% more cover compared to their standard life insurance policy.
If you're interested in this policy we can compare your current life cover with Macquarie Life Active & see how it stacks up.
Policies with a point of difference
Luckily for us, life insurance companies are beginning to change what their policies truly offer. They now give us much more value than they did in the past. Gone are the days of ambiguous medical definitions and often stressful claim's procedures. These modern personal insurance policies help ensure that we are covered for more than the standard life insurance policies on offer.
Whether its life insurance, income protection insurance, or trauma insurance, there are a few who have excelled at 'thinking outside the box' when creating their policies. Some of these life insurance companies include MLC with their 'Best Doctors' program, Asteron's 'Healthy Plus Option', Macquarie's 'Life Active' bundled policy, and premium free child cover from various life insurance companies in Australia.
MLC Critical Illness Insurance - Best Doctors
Best Doctor's connects seriously ill people to a network of peer-nominated, leading specialists around the world. Access to this network is for MLC Critical Illness insurance holders and their immediate family (spouse and dependent children). It means policy holders get the best possible medical advice which offers further certainty surrounding their diagnosis and treatment plan.
Asteron Life Insurance - Healthy Plus Option
Another innovative policy is Asteron's 'Healthy Living Active' option which rewards policy holders for staying healthy by reducing their life insurance premiums by 20%. The 20% discount applies immediately after policy acceptance, and is lowered by 1% each year, to a minimum of 10% over the life of the policy.
Bundled Life Insurance - Macquarie Life Active
One of the most unique policies in recent times is Macquarie Life Active which rolls life insurance, trauma insurance, and TPD insurance into one product. The policy is graded based on the seriousness of the claim condition or event. So the more serious the event is, the larger the benefit payment. Another new part of the policy is that it also pays multiple claims for the same event.
Premium Free Child Cover
There are two main life insurance companies who offer premium free child cover. One of these is Asteron, where if you hold a stand-alone life insurance policy child cover is offered premium free to a total sum insured of $10,000.
Another life insurance company which offers free child cover is Aviva. If you hold an Aviva trauma insurance policy with a value of over $100,000, then child cover is offered premium free. Your child is covered on your insurance policy anniversary following their 2nd birthday.
If you would like to discuss any of these insurance options, call xLife on 1300 135 205. Our experienced advisers can further explain how these policies work, and which ones would suit your situation.
xLife compares life insurance, income protection and trauma insurance online, helping Australians find the most competitively priced policy best suited to their needs. For free life insurance quotes go to http://www.xlife.com.au/.
Automatic injury payments, even if you're still working!
Normally referred to as the 'Specific Injury Benefit, this particular benefit is a valuable provision under an income protection insurance policy where you are paid a lump sum benefit for a listed event regardless of your ability to work! In addition the benefit is triggered from the date of your injury, meaning your waiting period is also waived.
Broken your arm? If your policy has the 'Specific Injury Benefit', you could receive up to two months worth of benefit immediately on claiming. If you return to work the very next week, the benefit is yours to keep.
The benefits vary with each policy and payable events range from 13 events to 54 events; however payments of up to 60 months can be paid under this provision giving you more financial options to decide when to return to work.
Most policies offer the 'Specific Injury Benefit' at no extra cost. Does your policy offer this extra protection?
Related Links: Income Protection
When looking into life insurance and TPD, there are two huge misconceptions that exist in regards to TPD insurance that many Australians still believe. It is important to clarify these misconceptions so that you can make an informed decision when buying personal insurance.
One of these misconceptions is that TPD insurance is automatically built into a life insurance policy! The truth is that TPD insurance is a policy that you are required to add onto your life insurance either by including it within the policy or by taking out a separate policy.
Another major misconception is that all Total permanent disablement (TPD) insurance policies have the same level of cover, but nothing could be further from the truth!
There are four main types of Total permanent disablement (TPD) insurance definitions available in the market however there are huge differences in coverage. These definitions are:
- Home duties;
- 'Any' occupation; and
- 'Own' occupation.
The worst of these definitions is the 'Modified' definition, while the 'Own Occupation' definition is most ideal.
So when you are comparing Total permanent disablement insurance coverage please make sure you are aware of the definition you are covered for, and the definition of coverage you require. You can check these by reading the PDS of the policy, or your life insurance quotes (which may list the definition you are applying for).
As part of their consolidation process, on 30 June 2010 Tower Insurance will be closing all new TOWER Protection Policy applications.
TOWER has stated that they plan to focus on their flagship product 'Accelerated Protection'.
Current TOWER Protection Policy holders will be notified directly by TOWER in due course of any further changes.
If you have any questions regarding this change, please call us on 1300 135 205.
It's nice to see the life insurance industry evolving, especially if Australians are going to benefit. There's been a few new product roll-outs all aimed in offering people more value for money.
One of them is the Macquarie Insurance all-in-one policy. It puts your life insurance with TPD and trauma insurance. I think it makes life insurance easier to think about, rather than confusing the whole issue with different types of cover.
The other new life insurance option I like at the moment is the Asteron 'Healthy Plus Option'. Providing that clients meet the requirement, they could potentially save an extra 20% on top of the first year's discount we already offer.
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