Our report on Integrity Life’s product and underwriting update received the most attention from advisers this week…
Integrity Life has released a series of product and underwriting enhancements applying to its ‘Integrity’s Here for You’ product range.
Detailed in an adviser summary document and in a Supplementary Product Disclosure Statement taking effect from 30 January 2023, key product enhancements for new business cases commencing from that date include:
Full 70% IRR
The 70% income replacement ratio option can now be maintained for the life of the claim period for new clients with a claim payment period to age 65.
Previously for a claim payment period to age 65, the IRR would tier down from approx. 70% to 60% after 2 years.
Bonus multi-cover discount
Eligible (new business) policy holders will access an additional 7.5% discount off the total policy premium when new clients qualify for Integrity Life’s existing multi-cover discount and have at least $500,000 Life Cover and $500,000 TPD Cover.
In cautioning that ‘Multi-Cover Discount Fine Print applies,’ the insurer notes the 7.5% bonus multi-cover discount combined with its existing 7.5% multi-cover discount provides 15% off the total policy premium, where these discounts, according to Integrity Life, apply for the entire life of the policy, unlike many other providers in the market.
Care support package expansion
The inbuilt Care Support Package of 10 ancillary benefits is now available for new clients who are in Occupation Class 5, which includes key occupations such as Homemakers.
Critical illness medical definitions
The Multiple Sclerosis – with specified severity medical definition and Severe Parkinson’s Disease medical definitions have both been updated, meaning the insurer will now pay a full benefit upon unequivocal diagnosis of either of these conditions.
Underwriting enhancements
In the medical underwriting space, Integrity Life has revised or removed a number of medical requirements, including removal of the requirement for a health consent form to be completed ahead of medical checks and investigations.
Financial underwriting changes have also been implemented, including reduced evidence requests for both employed and self-employed individuals applying for a 2 or 5-year benefit period under income protection.
These and other upgrades apply for all new business quotes received by the insurer from 30 January 2023.
Advisers can also click here to access the 35-page 30 January 2023 SPDS which now attaches to the insurer’s 1 October 2021 PDS.
