Risk Product Updates

/

Existing Product Updates

OnePath enhances medical underwriting limit requirements, announces price changes

OnePath Life has completed its recent review, with enhancements now in OnePath Life’s September release. Changes include:

  • An increase in testing levels for HIV, Hepatitis B and C under life, TPD, trauma, income protection and business expenses. A specialist medical exam is no longer required.

  • Microscopic urinalysis (MSU) is no longer required, as a dipstick urine test is already included in medical examinations. An MSU can be performed as indicated.

  • Prostate-specific antigen (PSA) tests for males and mammograms for females are no longer required on the basis of age, benefit and sum insured for those under 50, for all benefits.

Premiums are increasing for existing income protection and total and permanent disability cover. Income protection premiums are increasing by 25 per cent, while TPD premiums will increase by 12.5 per cent. CPI increases are additional, and these changes apply to both stepped and level premium policies.

CommInsure indemnity IP claim calculation initiative extended

A temporary change to how CommInsure calculates monthly benefits for indemnity income protection policies has been extended by three months. This applies to situations where the claimant’s income was reduced as a result of covid-19, between 11 March 2020 and 31 December 2020 (previously 27 September 2020).

Pre-disability income definitions for indemnity IP policies are being calculated differently, with monthly benefit calculations for eligible customers using the greater of the customer’s average monthly income for the 12 months immediately preceding the commencement of disablement, or the latest financial year immediately preceding the commencement of disablement. This only applies to indemnity IP contracts.

BT Protection Plan discounts extended

The premium discount offer regarding BT Protection Plans Life, TPD and Living Insurance policies with stepped premiums is to stay at 25 per cent until 31 December 2020. The discount is automatically applied via BT’s quote software, LifeCENTRAL+ and via premiums modelled in Iress Risk Researcher, and other financial adviser software.