Macquarie Life has announced upgrades to its FutureWise and Active products.
The changes, which are affective 21 May 2011, include a range of new options and features, as well as improvements to the underwriting process.
Some of the enhancements apply to both products, including the introduction of a new income protection option. The Disability Income Protection Plus (FutureWise) and Income Cover Plus (Active) options:
- Offer a 10 hour definition for total disability
- Remove the requirement to be totally disabled for 5 days during the waiting period
- Allow the premium to be waived during the waiting period
Also available on both FutureWise and Active are:
- Introduction of flexible payment dates allowing choice as to which day of the month the premium is deducted
- Increase in the maximum cover under the domestic duties definition for TPD/Health Events cover for homemakers of up to $1.5m
- Change to the 90 day qualifying period for some Trauma/Health Events to now commence on the application date
- Change to commissions available on late entry age applications.
As part of the upgrade, Macquarie has advised that FutureWise Disability Income and Life and TPD are now available through superannuation when linked to a Macquarie Wrap super account.
Subsequently, the insurer will merge the Super Protector product (currently available through Macquarie Wrap superannuation) with FutureWise. Existing Super Protector clients will be automatically upgraded for all future improvements made to FutureWise and will remain on the current Super Protector premium rates.
The group said its Super Protector product has been updated over time so that it offers essentially the same benefits, features and definitions as FutureWise, and that merging the two products will simplify the application process, particularly when structuring cover across both superannuation and non-super ownership.
Other enhancements which apply to FutureWise only include:
Disability Income
- New Booster option which allows cover to be increased by one third of the monthly benefit for two years if the insured person suffers total and permanent disability that meets the any occupation definition
- New TPD Commutation option which allows future Disability Income benefits to be converted to a lump sum if the insured person suffers total and permanent disability that meets any occupation definition (for linked superannuation only)
- Benefit period extended to age 70
- Increased benefits of up to $60,000 per month (2 year benefit period) or $30,000 (all other benefit periods)
Life, TPD and Trauma
- New Premium Waiver option for Life, TPD and Trauma if the life insured is receiving total disability benefits, is significantly disabled, or is involuntarily unemployed
The group has also made changes to its underwriting processes, including the removal of mandatory PMARs. In addition, there are no mandatory requirements for cover up to $2.5m and below the age of 46.
Clients that have been teleinterviewed will not be required, in most instances, to complete their medical history questions again and where additional tests are required, will generally only need bloods and a quick check.
