Risk Product Update

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MLC Life adds inflation buffer

Policyholders of Income Assure and Income Assure+ products at MLC Life Insurance will now allow inflation protection so that any benefits paid at claim time are in line with increases in earnings. Additionally, customers unemployed for over a year will be able to keep their cover. An increase of up to three per cent is available and can be suspended any year or be turned off on demand.

Policyholders with insurance within superannuation can access a Certificate of Disability for Unemployment, which means for those unemployed at claim time where a person doesn’t satisfy the relevant conditions of release, the insurer can assess the claim outside of superannuation.

Padua launches automated advice generation tool for advisers

Padua Solutions has launched a new advice generation tool for financial advisers that aims to cut turnaround times, lower costs and improve engagement with clients. Advisers can produce RoA and SoA documents, best interest duty (BID) statements, and product comparisons in real-time, while also providing fee and feature comparisons. New features will be added in future, such as insurance comparisons.

AIA Australia updates Priority Protection range

Changes have been made to AIA Australia’s Priority Protection insurance range.

Key changes in Income Protection CORE product include:

  • Amendments were made to income tiering information, reflecting an increase in the initial income tier from $200,000 to $240,000.

  • Income offset applies to any payments received from other IP-type policies whether or not they were disclosed at application. IP-type policies include individual or group income replacement policies, salary continuance or mortgage repayment cover.

  • Some total and permanent disability (TPD) definitions have been simplified.

  • Wording on the definition of partial disability modified.

  • The waiting period wording has changed slightly.

  • General terms and conditions have been modified slightly to remove content regarding lost or destroyed policy documentation.