CommInsure upgrades risk insurance range
In a market first, CommInsure is now covering advanced diabetes under its standard trauma policy as part of a suite of enhancements to its retail risk insurance range.
As well as introducing 23 product improvements, which include cover for female-specific trauma conditions, CommInsure has also reduced premiums across life, total and permanent disability (TPD) and trauma by up to 15 per cent for some clients.
“In early 2006, after consultation with financial advisers, we set ourselves an aggressive timetable of three product upgrades in 18 months,” CommInsure managing director Simon Swanson said.
“This has ensured that our products and services now meet and exceed market expectations.”
As part of its review, CommInsure’s Trauma Plus policy now pays a partial benefit for 10 additional events, on top of the previous 48.
The insurer is also taking a unique approach to melanoma and diabetes complications by paying 40 per cent of the sum insured, up to $200,000.
Furthermore, CommInsure has introduced a standalone TPD policy which has a feature that allows clients who have suffered a TPD to purchase life cover without further underwriting 12 months after the TPD benefit has been paid.
It has also announced a new standalone Accidental Death Cover, which allows clients to take out up to $1 million worth of cover, without any requirement for underwriting.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
