CommInsure April Product Update

CommInsure has released a new Product Disclosure Statement incorporating a trustee transfer and several product enhancements.

CommInsure PDS Cover 2017 04 01Effective from 1 April 2017, the insurer transferred the trustee of its Total Care Plan Super product from Colonial Mutual Superannuation to Colonial First State Investments Limited.

A new PDS was released to the market as a result of this change in trustee, which also included a more favourable commission adjustment and other changes for the Total Care Plan Super product, including:

  • The existing 15% Renewal Reward benefit (now called the Rollover Rebate) will now be calculated based on the current year’s premium rather than the previous year’s premium and will mean new clients receive their rebate at policy commencement
  • Commission paid on Total Care Plan Super policies will now be based on gross premium, ie before the 15% rollover premium rebate is applied (previously based on the premium following application of the renewal reward benefit)
  • Total Care Plan Super members that fund premiums via rollover from a FirstChoice Super account will have the added flexibility to pay premiums monthly, quarterly and half-yearly in addition to annually (previously, only an annual payment was possible)
  • New Total Care Plan Super members will only be able to make non-lapsing death benefit nominations

In addition to updating its PDS, CommInsure has also released a new adviser guide (click here).

These changes follow a more significant product and services update released by CommInsure at the end of 2016 (see: CommInsure Product, Service Enhancements).

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