Risk Product Update

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ClearView updates LifeSolutions, new PDS

Changes have been made to ClearView’s LifeSolutions product suite, with no pricing changes.

  • Life Cover Conversion Benefit has been removed from life cover

  • The Funeral Advancement Benefit is now known as the Immediate Expenses Benefit in life cover

  • The 25 per cent whole person impairment test has been removed from the total and permanent disability (TPD) definitions

  • The activities of daily living had home-maker TPD activities have been clarified in terms of how the definition is to be met

  • The Any occupation TPD definition is now clearer regarding how the definition varies for insurance in superannuation to be compliant against the SIS assessment of permanent impairment

  • The accident-only TPD and income protection (IP) section has key disclosure embedded rather than referring to full TPD or IP cover

  • Out of hospital cardiac arrest and severe rheumatoid arthritis are no longer included conditions

  • Names have been changed within trauma conditions

  • Multiple sclerosis and lung disease have had minor definition enhancements

  • The extras package option is no longer available for new accident-only cover

  • Offsets are now set out more clearly and show the cashing restriction limits for IP in superannuation to be as a total cap rather than a benefit offset

  • The accommodation benefit has been removed due to issues raised when applying to income protection claims

  • Unfair contract terms legislation has been extended to cover insurance products from April 5

  • Pending client applications using the form dated 1 November 2020 can be completed up until 5 July 2021, after which confirmation is required that advisers have provided clients with the latest LifeSolutions PDF