CommInsure announces product enhancements
CommInsure has announced a series of product enhancements and premium reductions this month. The changes include a premium reduction of up to 10 per cent on its Life Care product on its lower sums insured, while the Essential Cover product will no longer feature smoker rates.
The insurer has also enhanced its total and permanent disablement (TPD) cover while discarding the maximum payment amount on terminal illness benefits of $2 million.
These changes came as CommInsure surpassed $1 billion in life risk inforce premiums. The insurer is Australia’s largest life risk insurer, holding a market share of 14.7 per cent in the year to June 2008 and reporting an annual growth rate of 15.7 per cent, higher than the industry average of 12.8 per cent.
CommInsure managing director Simon Swanson said the business remains strong during current market volatility, “as underlined by our ability to pass on benefits to members through product enhancements, premium reductions and service enhancements”.
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