Affordability central to TAL’s income protection
Good underwriting and a focus on affordability have been central to the success of TAL’s Accelerated Protection Income Protection Premier product.
TAL general manager, individual life, Gavin Teichner, believes the firm's success in topping the Adviser Choice Risk Disability Income Products category, stems from its focus on maintaining stable pricing.
"We've done good solid risk management in the policies, so we charge the clients appropriately," he said.
"We've applied certain loadings in certain cases and what that means is that it's enabled us to provide for the bulk of our customers stable and competitive pricing.
"We've also kept our underwriting standards up, which has enabled us to have stable pricing."
Coming in second and scoring silver was MLC for its Insurance Income Protection Platinum product, and it attributed its success to finding ways to make income protection insurance more affordable.
MLC general manager, Melissa Heyhoe, said: "Specifically for disability income products, our expanded multi-cover discounts are making a real difference to the affordability of income protection insurance".
"Our commitment to making insurance as accessible and flexible as possible is MLC's greatest strength."
BT's Income Protection plan claimed the bronze medal in this category, with BT's national manager, life insurance products, Scott Moffit, saying: "Within the product we have unique features like protecting home makers, we have a HNW (high net worth)offering in the product, to cover the higher income earners".
"The features enable the product to be very wide for the community and help advisers to use the solution for their customer set.
"The income protection for home makers covers that segment of consumer. So those that are not generating income can still create value, they should be able to create value to the household."
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