OnePath Life has outlined enhancements it is making to its medical underwriting limit requirements.
These enhancements have been made following the completion of a recent review and will be incorporated within OnePath Life’s September 19 2020 release. They include:
- Increased testing levels for HIV and Hepatitis B and C:
- Life and TPD cover: Testing levels have been increased to $10 million (currently set at $5 million for all ages for HIV, and at $2.5 million for Hepatitis B and C)
- Trauma: A Hepatitis B and C test will now be requested when cover exceeds $1,000,000 for all age groups (an HIV test is not required for standalone trauma benefit). This requirement is currently set at over $1 million up to 54 years of age and at $500,000 for ages 55 plus.
- Income Protection and Business Expenses: An HIV and Hepatitis B and C test will be requested when the monthly benefit exceeds $25,000 (currently set at $15,000 for ages 19-44 and $10,000 from ages 45-65)
…a specialist medical examination is no longer required
- A specialist medical examination is no longer required. The insurer acknowledges it can be challenging to locate a specialist doctor to conduct a medical examination, which is why it has replaced this requirement with a GP medical examination by the client’s usual doctor.
Other enhancements include:
- A Microscopic Urinalysis (MSU) is no longer required: “… a dip stick urine test is included in all medical examinations, if there are any abnormalities detected a MSU will be requested as a reflex test”.
- Cessation of Prostate Specific Antigen (PSA) tests for males and mammograms for females on the basis of ‘age + benefit + sum insured’ for lives insured under the age of 50. This applies to all benefits. OnePath says that this change recognises the low risk of prostate and breast cancer in younger age groups where there is no personal history or family history of concern.
The company says its underwriting medical limits are based on the total risk for each life. A specified combination of ‘age + benefit + sum insured’ determine which medical requirements are needed.