Incremental improvements to their OneCare life cover product has helped OnePath hold onto the first place in the term and total and permanent disablement (TPD) rider product category for the fourth year in a row.
Age changes in the own occupation definition towards the end of last year allow TPD damages to be assessed until age 70 – beyond the standard retirement benchmark age of 65.
Making life insurance cover affordable for as many people as possible was a core element of their offering, according to OnePath head of product marketing and reinsurance Gerard Kerr.
OnePath has implemented a discount package across all their products, rewarding customers who are prepared to place more life insurance with the company.
“With life cover, our product suite actually all works together very well because we allow the packaging to apply right across all our products. They all interconnect with each other, as opposed to standing out in isolation,” Kerr said.
OnePath also allows beneficiaries to receive their life insurance package as a lump sum or as monthly instalments, with a reduced premium cost for the instalment option.
Clients can also increase their level of cover by up to $200,000 for each life event – like the birth of a child – without supplying medical evidence.
Building on already strong products will ensure OnePath stays at the front of the market, Kerr says.
“We have carried on the continuity theme in many ways – we certainly pushed the boundaries with our TPD offer,” he says.
Chief executive, retail life at TAL, Brett Clark, attributed their strong product development to coming second in this category this year.
“The product development process is dynamic at [TAL], and we take inputs from all of our key stakeholders, from advisers and customers,” Clark says.
The company aims for at least two upgrades per year to ensure TAL’s Accelerated Protection product remains competitive in the market.
“[TAL] is one of the few organisations that is a life insurance specialist; that is all we think about, and it gets all of our attention. That’s important when the market is looking for specialisation and excellence,” Clarke says.
AXA’s re-engineering of their claims and in-force policy services has pushed their product to the top of the industry, according to AXA senior product manager for individual life insurance John Ashton.
