ING Australia has implemented significant premium and discount adjustments following a major review of its flagship OneCare risk products range.
the adjustments … reward clients for holding multiple relationships with ING
Announced to advisers in ING’s December Perspectives Extra publication, and taking effect from 4 January 2010, the insurer says the adjustments have been made in line with ING’s pricing philosophy, which is to reward clients for holding multiple relationships with ING through the offer of attractive size, multi-cover and multi-life discounts.
The company reports premium rate changes have been implemented following industry benchmark reviews, to ensure ING remains competitive across key age groups and cover types, changes being made to both base premium rates and lump sum discount bands.
Key changes include:
Life Cover
- General base premium reductions
- Reduced premiums particularly for higher sums
insured - Removal of the Professional Saver discount due to broad adjustments to Life Cover rates
Trauma Cover
- Some decreases
- Modest increases across most age groups
TPD Cover
- Extensive adjustments
- Reductions for older customers, some increases for younger age groups
Income Secure Cover
- Extensive adjustments
- General reductions, particularly for women
ING notes no premium changes for Business Expense or Living Expense Cover products.
New large sum discount bands have been introduced, with ING noting the total of all lump sums insured will continue to determine the size discount, which is then applied across each cover type.
ING’s Illustrator software has been updated from 4 January 2010 to accommodate all changes.
