TOWER Australia (TOWER) has announced a range of enhancements to its Accelerated Protection offer, which it says will make it easier for financial advisers to provide greater protection for their clients.
The changes, which will take effect from 28 October 2010, include 26 product improvements, new medical limits and a new pricing structure, supported by a new service delivery and enhanced technology services.
The enhancements include:
- Four enhancements to Income Protection including removal of the 14-day Total Disability requirement for Blue Collar workers
- The addition of business loans and mortgage principal repayments to the list of eligible business expenses under TOWER’s Business Expenses product
- Ten enhancements, including full cover for Severe (Type 2) Diabetes, to TOWER’s Critical Illness Protection product
- Six TPD Protection enhancements including an improved Own Occupation definition
- Introduction of a new Repatriation Benefit under TOWER’s Life Insurance cover
- New medical limits where a PMAR is no longer automatically required for:
- Term life insurance up to $5 million
- TPD up to $3 million
- Income Protection up to $20,000 monthly benefit
TOWER has also introduced a new process whereby an Income Protection client will no longer be required to submit financial evidence at claim time if full evidence is provided at the time of underwriting and supported by the underwriter.
The insurer reports that in introducing a new pricing structure ‘… We have sharpened our rates in the under 45 and blue collar client segments whilst continuing to deliver a highly competitive offer for older clients.’
The product enhancements are accompanied by improvements to TOWER’s e-application and underwriting rules engine. These include:
- TOWER xQuote allowing upload of quotes directly to the TOWER Adviser Centre
- Improved illustrations to shorter and clearer reports
- A refreshed TOWER Adviser Centre with a more intuitive menu
Advisers can click here to access more details about the update and to register to attend one of a series of adviser briefings during November.
