April 10, 2018
Three life insurers have announced a number of minor changes to products and services with altered policy structures, updated policy fees and upgraded tele-underwriting on the table.
OneCare has finalised the premium changes for pre 18 March 2017 clients, stating the changes will now only impact those with Income Protection, Business Expense and Living Expense cover.
The revised premium structure, previously revealed to advisers in December 2017, will be effective from 1 June 2018, but existing premium rates – stepped and level – on any OneCare lump sum product will not be adjusted, and the large sum insured discount methodology for OneCare lump sum products will also not be adjusted.
In further changes, OneCare will also be updating certain trauma base rates from 9 April 2018, due to pricing anomalies that occurred in its new business rates. The anomalies relate to standalone Trauma Comprehensive and standalone Severity Trauma base rates and only impact certain groups of male and female smokers.
OneCare has also announced that, effective 1 May 2018, its policy fee will undergo a standard indexation increase to the following:
- annual – $89.25
- half yearly – $45.96
- monthly – $7.88
Asteron Life has also released its new policy fee schedule following an indexation increase on 1 April 2018, with new policy fees set as follows:
- annual – $90.17
- half yearly – $46.44
- quarterly – $23.81
- monthly – $$7.93
Meanwhile, ClearView will release enhancements to its life insurance platform, AQUA, by making its electronic application process signature free and including supplementary application forms as part of the electronic process. All new declarations through its eApp will be electronically accepted and printed on the application with the date of acceptance for an adviser’s records.
ClearView has also released a video to help advisers explain the operation of the insurer’s tele-interviewing service to clients (click here), which follows a similar video designed for and released to advisers in March (click here).