Asteron has eliminated mandatory personal medical attendant reports (PMARs) for all types of cover and increased financial underwriting requirements across all products as part of a number of changes in underwriting requirements implemented by the company.
The changes in underwriting requirements came as a result of Asteron’s review, which looked at medical and financial requirements for clients across all ages and all types of cover.
Asteron executive general manager Jordan Hawke said eliminating PMARs would simplify the insurance application process for both advisers and clients.
“If a client has properly disclosed their medical history, we don’t see the need for a mandatory PMAR from a doctor when applying for life insurance,” Hawke said. “This is at odds with the industry standard, which says that at a certain level of cover — regardless of the disclosure — a PMAR is required in all instances,” he added.
According to Hawke, Asteron’s review found that mandatory underwriting requirements like PMARs did not contribute any further significant insights about clients’ health histories.
“Clients are taking their duty of disclosure seriously, and providing us with more comprehensive information on their health history,” Hawke added.
Changes also include the elimination of mandatory medical requirements for clients aged under 55 applying for less than $1,000,001 life/TPD and clients aged under 50 applying for less than $750,001 recovery. Specialist medical examinations, mandatory ECGs and mammograms have also been removed.
