Tower Insurance product update
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.’Â
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!
Related Links: Tower Insurance, Income Protection Insurance
