For all our Advisers, we wanted to give a quick rundown on what you need to know about upcoming changes to our Income Insurance and other retail products.
We’re making some changes – for the better!
From 1 April 2020, we’ll be aligning our Retail Income Insurance offering with APRA’s sustainability measures. As we’re removing Agreed Value, we’re also taking the opportunity to make some other improvements. As you probably know, we’re always striving to make things better.
- We’ll be adding a 1 year waiting period for Income Insurance, so you have more flexibility in designing cover for your customer.
- We’re increasing the maximum sum insured for TPD to $5 million.
- We’re adding new functionality so your customers can pay their premium monthly or annually across all ownership types (coming soon!).
We will not be increasing our pricing on Income Insurance or other cover types with these changes. The benefit of all our products being sustainably priced, is that we’re able to maintain our current premium rates across all cover types.
To lock in an Agreed Value application, you have until 11.59pm on March 31, 2020 to submit applications. You will then have until June 30, 2020 to finalise.
We’re not done yet.
Our product design team have already started creating a brand-new Income Insurance offering that we’re pretty thrilled to bring to market soon. We’ll be sure to keep you posted as more details are confirmed.
The icing on the cake.
To help Advisers during the transition period, we’ve extended our 8% Lifetime Discount on our retail lump sum cover until the end of March 2020.
Don’t forget we also offer discounts for healthy living with our Life+ discount, and when you bundle three or more covers, we waive the premium on the Care Support Package. You’re welcome!
As always, if you have any questions, please reach out to your BDM or contact me directly.
General Manager Distribution