Integrity Life has released a set of enhancements to its retail insurance product range. Taking effect from 1 February 2021, key changes/enhancements include:
Care Support Package Update
The insurer says its Care Support package offer is now included with its lump sum products at no cost, while an extra premium will be payable when only income protection cover is held by the policy holder (see: Integrity Life Care Support Package).
As well as now including this package within its lump sum covers, the range of events which trigger payment have been extended to include:
- An Occupationally Acquired Needlestick Benefit
- A $10k Child Support Benefit if the child suffers one of the 42 medical conditions under the insurer’s Critical Illness cover, is diagnosed with a Terminal Illness, or dies
New Multi-Cover Discount
For eligible insured lives, a new multi-cover discount of 7.5% off the total policy premium is now being offered to eligible insured lives who combine and maintain the insurer’s Income Insurance product with at least one lump sum cover option.
This offer is open for new policies quoted from 1 February 2021 for stepped premium contracts where the client is aged 50 years or under.
Integrity Life notes it has also expanded eligibility conditions for clients to access its Life+ healthy living discount.
A Professional Services benefit has been introduced which pays a lump sum reimbursement of up to $3,000 for the cost of professional services provided by an adviser, accountant or lawyer to prepare a financial plan or other documentation.
Where the policy has been underwritten for a business purpose, the client also has the ability to increase cover for Business Events up to the lesser of 30% of the initial cover amount or $500k per increase, up to $3m over the life of the policy. This is available where the client is the key person in their business.
These enhancements have been positioned by the insurer as the most significant update since launching its retail offer two years ago (see: Integrity Life Launches Into Retail Market).
Integrity Life’s Head of Retail Product, William Rogers, , says these enhancements stem from listening to what advisers and their clients want, emphasising that, because of the insurer’s sustainable pricing approach, there will be no increase to premiums as a result of these changes.
Advisers can click here for more details on the enhancements, which are also included in a Supplementary Product Disclosure Statement dated 1 February 2021, positioned at the front of the most recent PDS dated 1 April 2020