{"id":64258,"date":"2023-01-31T17:25:07","date_gmt":"2023-01-31T06:25:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=64258"},"modified":"2025-03-14T12:02:24","modified_gmt":"2025-03-14T01:02:24","slug":"integrity-life-product-underwriting-update","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/01\/31\/integrity-life-product-underwriting-update\/","title":{"rendered":"Integrity Life Product, Underwriting Update"},"content":{"rendered":"
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Our report on Integrity Life’s product and underwriting update received the most attention from advisers this week…<\/h3>\n<\/div>\n<\/div>\n

Integrity Life has released a series of product and underwriting enhancements applying to its ‘Integrity’s Here for You’ product range.<\/p>\n

Detailed in an adviser summary document<\/a>\u00a0and in a Supplementary Product Disclosure Statement<\/a> taking effect from 30 January 2023, key product enhancements for new business cases commencing from that date include:<\/p>\n

Full 70% IRR<\/strong><\/p>\n

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.<\/p>\n

Previously for a claim payment period to age 65, the IRR would tier down from approx. 70% to 60% after 2 years.<\/p>\n

Bonus multi-cover discount<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

Care support package expansion<\/strong><\/p>\n

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.<\/p>\n

Critical illness medical definitions<\/strong><\/p>\n

The Multiple Sclerosis \u2013 with specified severity medical definition and Severe Parkinson\u2019s Disease medical definitions have both been updated, meaning the insurer will now pay a full benefit upon unequivocal diagnosis of either of these conditions.<\/p>\n

Underwriting enhancements<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

These and other upgrades apply for all new business quotes received by the insurer from 30 January 2023.<\/p>\n

Advisers can also click here<\/a> to access the 35-page 30 January 2023 SPDS which now attaches to the insurer’s 1 October 2021 PDS.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u00a0and in a Supplementary Product Disclosure Statement taking effect from 30 January 2023, […]<\/p>\n","protected":false},"author":3,"featured_media":64266,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,8291],"tags":[],"class_list":["post-64258","post","type-post","status-publish","format-standard","has-post-thumbnail","category-products","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/64258","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=64258"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/64258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/64266"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=64258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=64258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=64258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}