Macquarie Life has released an update to its FutureWise and Super Protector products , and is also set to launch a major new product initiative to advisers later this month.
Contained in an updated FutureWise PDS dated 23 April 2010, key enhancements in the product update, which focus mainly on income protection products, include:
- TPD maximum sum insured increased to $5 million for white collar occupations (previously $3 million). Applies to both Any and Own Occupation definitions as well as the Superannuation Optimiser definition
- Improvement to Own Occupation TPD definition, whereby the Own Occupation definition no longer reverts to Any Occupation if the insured person has been unemployed for more than six months at the time of disability.
- Increase to maximum income protection insured amount to $40,000 for 2-year benefit periods (previous max was $30,000 per month). Can also be split with the first $30,000 of the benefit payable to age 65, and the extra $10,000 insured under a 2-year benefit period.
- Improved definition of Pre-Disability Income for indemnity policies, allowing more flexibility by expanding the time frame when determining highest average income prior to claim.
A range of additional income protection enhancements have also been added to the product, such as indexation increases now applying to pre-disability income and changes to other benefit increases to apply from policy anniversary, rather than claim anniversary.
We strongly believe the industry needs to evolve into something more flexible…
Commenting on the added flexibility the changes bring to the products, Head of Macquarie Life, Justin Delaney, said “We strongly believe the industry needs to evolve into something more flexible, to successfully cater to the needs of Australians and help overcome the significant underinsurance problem.”
New Product Launch
In a major new initiative from Macquarie, advisers have been invited to attend a national roadshow later this month at which the insurer will reveal a new product it promises will ‘… turn life insurance on its head’.
Macquarie is referring to the new package as ‘… a revolutionary all-in-one product’ that will:
- Cover more medical conditions
- Allow multiple claims
- Promote an active and healthy lifestyle
Stay tuned for more details about the new product, which will be released to the market on June 11.
