ING leads the way
In a market first, ING will increase the maximum total and permanent disability (TPD) benefit of the policies it issues to superannuation funds and employers from $2 million to $3 million.
The upgrade is part of a range of enhancements to ING’s standalone group risk insurance products that will be possible under the new superannuation rules coming into effect on July 1.
As part of the upgrades, the maximum death benefit, previously set at $5 million, will now be unlimited, the benefit expiry age will increase for death and TPD from 65 to 70 years and the maximum benefit for terminal illness will more than double from $1 million to $2.5 million.
Furthermore, ING will introduce more flexible risk assessment processes for overseas working secondees as well as amend the salary definition to determine the actual salary prior to claim.
ING manager of group risk Paul Trigg said the upgrades provided a real incentive for people to build and protect their wealth as a result of the changes to superannuation.
“With more people likely to put off retirement until later in life, their life insurance needs to provide the flexibility and added value to meet their changing lifestyle needs,” he said.
“Taking life insurance through a super fund is not only cost-effective, it also provides the member with automatic coverage, so it eliminates the need for medical checks, which could be an issue the older they get.”
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