MLC wins at term and TPD
MLC’s Insurance Life Cover and TPD product has struck gold in the Term and TPD Product award at the Money Management/DEXX&R Adviser Risk Choice Awards.
National Australia Bank's (NAB) general manager for business management, Melissa Heyhoe, attributed the win to the firm's expanded offering for rollover in super and for self-managed super funds.
"For term and TPD products this year we have added to our comprehensive offering by supporting premium payments by rollover in super and expanded the TPD Optimiser feature to cater for SMSFs," she said.
Looking forward, Heyhoe said MLC was looking to provide their customers with even better insurance solutions.
"NAB has entered into a life insurance partnership with one of the world's leading insurers, Nippon Life Insurance Company (Nippon Life)," she said.
This life insurance business will be Australian-led and managed and our investments businesses — including super, investments, and advice — will remain wholly owned by NAB."
Runner up, AMP, said its success was thanks to its product's price and features that made it extremely competitive.
AMP head of retail insurance, Greg Johnson, said: "As an insurer, AMP has recognised the role we need to play in not only helping our customers financially at claim time, but also helping them navigate a path back to health, wellbeing and meaningful work if appropriate."
Johnson said this year, AMP has made a number of enhancements to further develop its product range.
"We launched partial rollover payments which enable customers to fund their Elevate insurance premiums from an external super fund."
Taking third place, for the second year, TAL's general manager for individual life, Gavin Teichner, believes developments enabling customers to pay their annual insurance premium out of their super account, via automatic rollover, has been a key factor in securing a place among the top three.
"SuperPay... provides the ability to fund your contributions from your existing superannuation fund, and that's worked very smoothly in the market.
"It's completely automated and advisers have really liked the ability it's given to customers."
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