OneAnswer to underinsurance
ING Australia has made four significant changes relating to the insurance solutions within its flagship master trust, OneAnswer.
The changes benefit both new and existing clients and include an increase in the maximum total and permanent disablement (TPD) cover from $2 million to $3 million as well as an increase in the maximum terminal illness benefit payable from $1 million to $2.5 million.
ING is also offering broader coverage, with TPD now including permanent impairment, loss of independent existence and cognitive loss, and has expanded the limited cover offered when processing an insurance application to include interim accidental TPD on top to the existing accidental death cover.
Furthermore, for advisers, the maximum insurance commission has increased from 22.5 per annum per annum to 27.5 per cent per annum on both existing and new insurance cover arranged through OneAnswer Personal Super, but without any increase to client insurance premiums.
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