Without doubt the greatest reader interest this week centred on the ‘creative’ enhancements ClearView has made to its ClearChoice product offer……
ClearView has made enhancements to its ClearView ClearChoice product series to deliver what the company says offers greater value, flexibility and choice to customers, and modernises product design, particularly for trauma and TPD insurance.
The company says its latest product upgrade, detailed in an updated Product Disclosure Statement effective May 13, includes:
- The addition of two new trauma options: Trauma Extras and Trauma Severe Events
- The ability for customers to hold trauma cover for longer by extending the expiry age to 70, up from age 65
- The income protection waiting period definitions have also been improved for all occupations
ClearView says with the new trauma options, Trauma Extras covers customers for less severe events such as fractures and total joint replacements including shoulder, hip, knee and ankle.
“Trauma Severe Events provides coverage for catastrophic health events, allowing for a higher benefit payment to ensure additional funds are available to support customers impacted by these types of life-altering events,” it says.
The full PDS outlines that Trauma Severe Events provides cover for 25 serious and permanent trauma conditions, with the benefit payment amount at 100%. It can be taken in addition to Trauma Standard or on its own.
The document also states that the Extras Option provides cover for four additional trauma conditions, for which a partial benefit is payable, until the policy anniversary that occurs when the person insured is age 55. This option is available for an extra premium and with the benefit payment amount set at $20,000.
Nick Kulikov, ClearView Group Executive Product and Pricing, says the addition of Trauma Extras and Trauma Severe Events “…gives customers and advisers greater flexibility to tailor cover to suit their needs, circumstances and budget.”
“With our new options, people can opt for less severe events or increase the amount payable under trauma for catastrophic events.”
…This represents a much-needed first step towards reimagining TPD cover for today’s market…
He says these options “…can also potentially be used in place of TPD, for example, in situations where certainty through objective definitions is desirable or where any or own occupation definitions are unavailable. This represents a much-needed first step towards reimagining TPD cover for today’s market.”
Kulikov says ClearVIew recognises “…there are cost of living pressures on some households so affordability is a key consideration when it comes to insurance. We want to help customers gain and maintain invaluable cover so they can protect themselves and their families.”
Kathryn Williamson, ClearView Head of Distribution and Marketing, says the latest enhancements to ClearView ClearChoice had been driven by customer and adviser feedback.
…Life insurers need to start thinking more creatively to meet the evolving needs of customers…
“Life insurers need to start thinking more creatively to meet the evolving needs of customers. While trauma has been front and centre in this round of enhancements, we’re also looking to overcome some of the current issues with TPD such as uncertainty due to the subjectivity of assessing total and permanent disability, and the length of time it takes to assess claims.”
Click here to access the updated PDS, effective 13 May, 2024.
