Risk Product Update
/Integrity Life Income Protection update
An update to Integrity Life’s income protection insurance range has been released after industry-wide changes in October 2021. From 11 April 2022, the following changes will apply.
When a 70 per cent Income Replacement Ratio (IRR) is selected, Total Disability top-up is available. With this top-up, clients can receive up to 90 per cent benefit for the first six months of a claim, which is a 70 per cent IRR plus around 20 per cent Total Disability top-up.
Passive Income has been removed from the list of payments that subtract from a monthly benefit. These payments only degrade the monthly benefit if the total of these payments (i.e. disability insurance policies, credit or mortgage insurance) exceed the maximum cover amount.
The insurer will maintain a 70 per cent IRR and use own occupation for assessment of the claim for the full payment period where a five-year payment period is chosen.
CPI rate increases can be chosen with Income Insurance Cover
If a client works during the waiting period, the days will no longer be extended to elongate the waiting period.
If the client has a 30, 60 or 90-day waiting period and remains partially disabled, the waiting period will not resume if they return to work during the waiting period.
Those 18-55-year-olds in blue-collar occupations can now opt for a ‘To Age 65’ payment period.
TAL closing BT Protection Plans
TAL has announced it is closing the BT Protection Plans range to new business after acquiring Westpac Life. The acquisition is due to be completed in August 2022. The propositions were deemed too similar to compete in the same marketplace.
