Aon has released a range of enhancements to its insurance offering within the Aon Master Trust, reflecting the growing scope and flexibility emerging within master trust insurance.
Effective from 1 July 2009, the enhanced Aon Master Trust insurance package (underwritten by AIA Australia) is headlined by the permanent adoption of the Trust’s transfer offer.
… members can have the option to transfer insurance cover … into the Aon Master Trust without the need for any additional health evidence
Under this feature, members can have the option to transfer insurance cover from another superannuation fund or retail insurance policy into the Aon Master Trust without the need for any additional health evidence.
Aon originally introduced this transfer option to new members only, and then on a special offer basis to existing members. But due to the popularity of this feature, Aon has now made the transfer option a permanent service for both new and existing members.
Other key enhancements include:
- Unlimited maximum cover on Death (previously capped at $5 million)
- TPD cover maximum increased to $3 million (previously $2 million)
- Fast tracking applications as a result of changed underwriting requirements allowing for higher levels of cover before further medical evidence requested
- 5% increase in minimum default level for Death and TPD cover
- Lower premium rates on long term (5 year and to age 65) benefit periods under income protection cover
- No financial evidence required at application stage for indemnity income protection cover
- Revised benefit tiers under agreed value income protection, due to increased maximum cover level from $20,000 per month to $25,000 per month
Advisers wishing to access further details can click on Aon Master Trust Insurance Enhancements 2009 and/or can also access a copy of the new PDS: Aon Master Trust Personal Super PDS 010709
