Affordability a win for Term and TPD
For the second year in a row, MLC has won the Term and TPD product category award at the Money Management/DEXX&R 2016 Adviser Choice Risk Awards.
Commenting on the award, MLC's chief customer officer for retail advised insurance, Melissa Heyhoe, said term and total and permanent disability (TPD) products needed a strong market proposition and needed to have real value for customers.
Heyhoe attributed the win to the product's flexibility and premium reductions.
"Our product is comprehensive, it's flexible, specifically from changes we've done over recent times — so the premium reductions for both life and TPD happened over the last 12 months. We've supported premium payments through rollovers from superannuation funds," she said.
"So I think those two things have certainly helped with the affordability and accessibility for our customers beyond the comprehensive nature of the product offering."
According to the judges the recent product developments for the category had been focussed on price reductions, particularly for products inside superannuation.
"Premium reductions have been permanent in the form of revised rates or removal of policy fees, temporary discounts, or in the form of increased benefit bundling discounts," DEXX&R said.
MLC's Insurance Life Cover and TPD product had reduced the prices on life and TPD by up to 15 per cent for the age of 40 and up.
"We removed policy fees from our products which improved the affordability for everyone, particularly those with a smaller premium size where the policy fee would be a larger component," she said.
"And we also offer discounts on income protection where customers have multiple policies with us. So they're some of the things we think about and are proud of — that we think about affordability and provide insurance to all Australians."
Bronze winner, Zurich, said their accidental injury benefit that was attached to their death cover was a unique feature that set their product apart in the market.
Term & TPD Products 2016
Gold — MLC Insurance: Life Cover & TPD
Silver — TAL: Accelerated Protection Life & TPD
Bronze — Zurich: Protection Plus Life & TPD
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