ClearView Life has released a new PDS containing some minor changes to its LifeSolutions offer.
Taking effect from 1 November 2020, the three main changes in this update are:
Reduction in Level Premium Maximum Entry Age
Maximum entry age for level premiums has been reduced to 45.
ClearView notes in a message to advisers that for policyholders that are aged over 45, level premium pricing does not present an appropriate premium structure compared to other premium types such as stepped and hybrid. The insurer has therefore decided to lower the maximum entry age rather than offer a premium structure that was not in the best interests of a policyholder.
Change to IP Maximum Monthly Benefit
The overall maximum insured monthly benefit amount for LifeSolutions Income Protection has been reduced to $30,000 for new business. According to ClearView, this change has been made as a practical risk measure during the current economic environment.
Trustee Change
ClearView LifeSolutions Super members will transfer from the ClearView Retirement Plan to the HUB24 Super Fund effective from 31 October 2020, where the new trustee will be HTFS Nominees Pty Ltd.
The only key issue flagged by ClearView to its policy holders impacted by this change relates to binding death nominations.
In a letter to members, ClearView notes that valid binding death nominations will be transferred across to the trustees of new fund. For these members and also for those who don’t currently have binding death nominations or if their present nomination is invalid, the insurer has stressed the importance of reviewing their nomination and to update it, as appropriate, to ensure its validity and that it reflects the wishes of the life insured.
