ANZ Wealth has enhanced the heart attack definition within its flagship OneCare Trauma Cover product, making it broader in scope.
In a new PDS effective from 23 May 2016, OneCare has shifted from two definitions for heart attack – ‘major’ which resulted in a full benefit payout, and ‘minor’ which resulted in a partial benefit payout – to a single definition.
The new definition, labelled as ‘heart attack (diagnosed)’, will offer full benefit payouts and is intended to be broader in scope than the previous definitions.
In addition to updated medical tests for heart attack, the insurer has added a new clause that will allow other factors to be taken into consideration. The clause states:
If the above test results are inconclusive, not undertaken or the tests are superseded due to technical advances, we will consider other appropriate and medically recognised tests that unequivocally diagnose myocardial infarction of the same degree of severity, or greater, as outlined above.
This move by ANZ Wealth follows recent changes made by CommInsure, which also altered its heart attack definitions following recent media reports that its then-existing definitions were being used to deny claims to clients covered by the insurer under group life policies.
Click here to access the newly updated OneCare Product Disclosure Statement.
