ING Simplified Underwriting

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ING has announced new non-medical underwriting limits for its lump sum and income protection products.

Introduced as part of the company’s commitment to ‘being easier to do business with’, the new limits are:

Life and TPD

  • Ages less than 45: Personal Statement only required for sums insured up to $2.5 million
  • Ages 45 to 49: Personal Statement only required for sums insured up to $1.5 million
  • Ages 50 to 54: Personal Statement only required for sums insured up to $1.0 million

Income Secure and Business Expense

  • All ages: Personal Statement only required for monthly benefit sums insured up to $10,000

ING advises the aim of this initiative is to further reduce the number of applications being referred to underwriters and also to simplify the application process.

These new limits are effective immediately and have been incorporated into ING’s Illustrator quotation software, which is now available to download.

 

 



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2 COMMENTS

  1. Interesting Comments from Ms. Macaulay.ASIC admitting the industry is “heavily regulated.” The reasons are its “a complex industry, with complex products which have a huge impact on peoples lives.” How does ASIC rationalize that motherhood statement with the fact it allows Aust Super, under General advice, to offer a TPD product which since 2014 , is now so restrictive that no one will get a TPD benefit unless they are brain dead. Why does ASIC permit direct-sale no-advice product floggers to continue to sell accidental death policies disguised as all events death cover; and allow those same product floggers to sell income protection policies with no Partial Disability benefits, again with no underwriting at proposal
    And now ASIC will sit on its haunches and watch the banks replace their personal advice sales team with tellers selling direct-style products on General Advice SOAs, after ASIC oversees the demise of commission based risk advisers, which if they remained viable could counter the rubbish about to be dumped on us by the victors in the LIF discussions, the FSC and its bank controllers
    Where is the consumer protection in that environment ?

    • Agree completely. If a product is ‘complex and can have a huge impact on peoples lives’, then what difference does it matter how the end consumer comes to ‘buying’ one? Prescription Medications, for example, would be considered ‘complex products that could have a huge impact…..’ and are highly regulated (not as much as an insurance policy however, which is a separate argument), so you can’t just go an buy them from the corner store or off TV, can you? So if ASIC are genuine in their statements, then they are demonstrating a genuine and very obvious bias towards advisers. that is, a consumer only needs to be protected if they are dealing with an adviser? What tripe!

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