Risk Product Update
/New Product Updates
PPS Mutual announces new income protection underwriting offer
A new income protection product has been released to market targeting newly-qualified professionals at the very start of their careers. The Professional Choice IP product offers an increase to monthly income protection benefits by up to 50 per cent in any two-year period without any extra health or underwriting, though evidence is required of pay rises. The increase can increase up to 75 per cent of regular income subject to income limits that apply to each profession. To be eligible, qualifications must be gained within the previous three years and the applicant must work at least 20 hours per week and generate an income. The offer expires five years after it starts or when the insured hits age 45.
Existing product updates
Integrity Life adds benefits to coverage options
New benefits have been added to insurance options after new management was appointed in late 2020. Integrity Life has added its Care Support Package to lump sum cover options, now offering grief and home care support benefits to seriously ill or injured policyholders and their family members. The Here for You range now includes a $3,000 benefit for claimants to put towards costs of accountants, advisers and legal costs.
Policies underwritten for business purposes can now have cover increased for business events if they are the key person in the business. Eligibility has been expanded for its healthy living discount and added a new 7.5 per cent discount for policyholders who add income insurance with lump sum cover.
