Macquarie set to launch new all-in-one life insurance policy

Macquarie Insurance is set to launch a new type of life insurance product this month.

The new product will be the first of its kind in Australia, rolling life insurance, trauma insurance, and TPD insurance into one product.

Labelled 'Macquarie Life Active', the all-in-one product will also give you the option of adding on income protection insurance or child cover.

Unlike other types of life insurance policies in Australia, benefit payments under the new Macquarie Insurance product will be graded based on the seriousness of the claim condition or event. So the more serious the event is, the larger the benefit payment. Even if a health event is not specifically mentioned you may still be covered under this policy.

Another break through is that the new policy will also pay multiple claims for the same event, which is virtually unheard of in the Australian life insurance industry. The policy then remains in-force regardless of the number of claims made, as long as there are sufficient funds available.

Russell Cain, Director of xLife commented on the new product: "This new product enforces the idea of staying protected no matter what happens. It's a risk plan that gives Aussies everything rolled up into one neat parcel; it'll help ensure we aren't underinsured, which is a major problem in Australia".

"It will be interesting to see how the Australian public will take to this new life insurance product; it certainly seems to have its advantages but only time will tell".

The product will be officially rolled out on 21 May 2010.

For more details on the new life insurance product 'Macquarie Life Active' contact xLife on 1300 135 205.

Source: Macquarie Life 2010

May 2010