ClearView Wealth Limited has announced a range of enhancements to its flagship ClearView ClearChoice life insurance product range to enhance customer benefits and affordability.
Among these enhancements is the simplification of product names across the income protection (IP) range, which the company said will increase clarity for customers and advisers. Moreover, clients on the top level of IP cover will now be paid 70 per cent of pre-disability income until their cover expires and can continue through to age 65 — previously capped at 60 per cent from age 60.
The Income Support Booster Option, which increases a client’s benefit amount by an additional 20 per cent for the first six months of a claim, has also been bolstered. It will now be available on policies with a 90-day waiting period, in addition to the existing 30 and 60 day waiting periods.
In addition, total permanent disablement cover will also be extended to age 70, with a change in definition at age 65.
Simon Swanson, ClearView managing director, said the enhancements demonstrated ClearView’s commitment to being responsive to adviser and customer needs in its product design.
“The updates to ClearView ClearChoice ensure our life insurance products remain adaptive, flexible, and built on what advisers have told us their clients really need,” Mr Swanson explained.
Namely, ClearView had thoroughly considered adviser feedback and watched how the market had reacted over the past 12 months to changes in product design across the income protection space, according to the managing director.
“With the life insurance industry looking ahead to an exciting new future of simplified regulation, positive structural reform and stable commission rates, ClearView is well positioned to partner with advisers as they build efficient and nimble businesses.”
In the six months to 31 December 2022, ClearView reported life insurance new business to be $11.3 million, a 9 per cent increase from the previous period and a reflection of strong support for the ClearChoice product suite.
