{"id":6172,"date":"2010-05-10T16:27:12","date_gmt":"2010-05-10T05:27:12","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=6172"},"modified":"2020-02-06T08:10:06","modified_gmt":"2020-02-05T21:10:06","slug":"macquarie-product-enhancements-more","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/05\/10\/macquarie-product-enhancements-more\/","title":{"rendered":"Macquarie Product Enhancements &amp; Major Launch News"},"content":{"rendered":"<p>Macquarie Life has released an update to\u00a0its FutureWise and Super Protector products ,\u00a0and is also set to\u00a0launch a major new product initiative to advisers later this month.<\/p>\n<p><!--more-->Contained in an updated <a href=\"https:\/\/riskinfo.com.au\/resource-centre\/product-disclosure-statements\/macquarie-futurewise-pds-230410\/\" target=\"_self\" rel=\"noopener noreferrer\">FutureWise PDS<\/a> dated 23 April 2010, key enhancements in the product update, which focus mainly on income protection products, include:<\/p>\n<ul>\n<li>TPD maximum sum insured increased to $5 million for white collar occupations\u00a0(<em>previously $3 million<\/em>).\u00a0 Applies to both Any and Own\u00a0Occupation\u00a0definitions as well as the Superannuation Optimiser definition<\/li>\n<li>Improvement to Own Occupation TPD definition, whereby the Own Occupation definition no longer reverts to Any Occupation if the insured person has been unemployed for more than six months at the time of disability.<\/li>\n<li>Increase to maximum income protection\u00a0insured\u00a0amount to $40,000 for 2-year benefit periods (<em>previous max was $30,000 per month<\/em>).\u00a0 Can also be split with the first $30,000 of the benefit payable to age 65, and the extra $10,000 insured under a 2-year benefit period.<\/li>\n<li>Improved definition of Pre-Disability Income for indemnity policies, allowing more flexibility by expanding the time frame when determining highest average income prior to claim.<\/li>\n<\/ul>\n<p>A range of additional income protection enhancements have also been added to the product, such as indexation increases now applying to pre-disability income and changes to\u00a0other benefit increases to apply from policy anniversary, rather\u00a0 than claim anniversary.\u00a0<\/p>\n<h6>We strongly believe the industry needs to evolve into something more flexible&#8230;<\/h6>\n<p>Commenting on the added flexibility the changes bring to the products, Head of Macquarie Life, <strong>Justin Delaney<\/strong>, said &#8220;We strongly believe the industry needs to evolve into something more flexible, to successfully cater to the needs of Australians and help overcome the significant underinsurance problem.&#8221;<\/p>\n<p><strong>New Product Launch<\/strong><\/p>\n<p>In a major\u00a0new initiative from Macquarie, advisers have been invited to attend a\u00a0national roadshow later this month at which\u00a0the insurer\u00a0will reveal a new product it promises will &#8216;&#8230; turn life insurance on its head&#8217;.<\/p>\n<p>Macquarie is referring to the new package\u00a0as &#8216;&#8230; a revolutionary all-in-one product&#8217; that\u00a0will:<\/p>\n<ul>\n<li>Cover more medical conditions<\/li>\n<li>Allow multiple claims<\/li>\n<li>Promote an active and healthy lifestyle<\/li>\n<\/ul>\n<p>Stay tuned for more details about the\u00a0new product, which will be released\u00a0to the market on June 11.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macquarie Life has released an update to\u00a0its FutureWise and Super Protector products ,\u00a0and is also set to\u00a0launch a major new product initiative to advisers later this month.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6172","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=6172"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6172\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=6172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=6172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=6172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}