The last few months has seen a hectic round of product updates and initiatives from most life companies, while several will be launching major initiatives during the second half of this year.<\/p>\n
Two innovations introduced into the market in recent months have been the direct linking of healthy lives to premium discounts in Asteron’s Healthy Life Plus initiative, and the introduction of severity-based insurance with the launch of Macquarie Life Active.<\/p>\n
A summary of updates and initiatives, with links to our reports follows:<\/p>\n
AIA Australia<\/strong><\/p>\n Lump sum and IP changes<\/a> effective 24 May 2010.\u00a0 Features enhancements will be passed back to existing Priority Protection policy holders.\u00a0 No premium changes.<\/p>\n AMP<\/strong><\/p>\n Major product and services update<\/a>, including a brand and image overhaul, the introduction of Underwriting and Claims Concierge Service, enhanced electronic lodgement processes and a new hours-based clause within the Total Disability definition.\u00a0 Effective 22 May 2010.<\/p>\n Asteron<\/strong><\/p>\n Launch of Healthy Life Plus option<\/a>in latest Lifeguard series upgrade, which offers up to 20% discount for eligible insured lives.\u00a0 This is an extension of the insurer’s\u00a0Asteron Life! health and well-being programme, launched in the second half of 2009.\u00a0 Effective from 24 May 2010.<\/p>\n AXA<\/strong><\/p>\n AXA launched its hybrid ‘Blended Premiums’<\/a> package with effect from 19 April 2010.\u00a0 Clients can now also link their non-super trauma and TPD options to their\u00a0Self Managed Super Fund.<\/p>\n ING<\/strong>\u00a0<\/p>\n Increased maximum TPD cover<\/a> for Any and Own Occupation definitions to $5 million, effective\u00a022 March 2010, and an ING OneCare update<\/a> from 1 March 2010.\u00a0 It also increased maximum IP cover<\/a> to $60,000 per month.<\/p>\n Macquarie Life<\/strong><\/p>\n Launch of severity-based insurance<\/a>contract, Macquarie Life Active, which includes death, TPD and trauma into a single contract, where the trauma benefit is commensurate with the severity of the event.\u00a0 PDS issue date is 11 June 2010.<\/p>\n Macquarie also implemented a minor update<\/a>to its FutureWise\u00a0product range, effective 23 April 2010, focused on offering additional flexibility.<\/p>\n MLC<\/strong><\/p>\n Increased maximum IP cover<\/a> to $60,000 per month, with further initiatives to be released in second half 2010.<\/p>\n TOWER Australia<\/strong><\/p>\n Accelerated Protection update<\/a> from 28 April 2010, including revised ‘duties’,\u00a0‘capabilities’\u00a0clauses and new Child’s Critical Illness Benefit.\u00a0 Multiple changes to TOWER occupation list.<\/p>\n Zurich<\/strong><\/p>\n Improved efficiencies to LifeXpress<\/em> software platform and product changes<\/a>\u00a0focused on trauma and IP.\u00a0 Lump sum rates adjustments<\/a> from late May.<\/p>\n","protected":false},"excerpt":{"rendered":" The last few months has seen a hectic round of product updates and initiatives from most life companies, while several will be launching major initiatives during the second half of this year.<\/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-6659","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6659","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=6659"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6659\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=6659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=6659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=6659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}