Set to launch in October, the wealth management’s platform will be the “central point” for advisers to access the new product and engage with ClearView.
“The market is resetting and ClearView, as an organisation, is resetting. We have redesigned our core life insurance product and we have also ramped up our investment in technology to help ensure that we continue to meet the evolving needs of advisers and customers,” ClearView managing director Simon Swanson said.
“All retail life insurance companies are required to redesign and reprice their life insurance products to address the sustained underperformance of income protection, and ClearView has taken this opportunity to invest in our technology at the same time to ensure that our products are fit for purpose and we remain easy to do business with.”
The ClearChoice income protection will offer two base structures — IP and IP Flex — which pays up to 60 and 70 per cent, respectively, of pre-disability income to customers up to the age of 65.
Customers will also be able to access a booster option which increases the benefit amount by an additional 20 per cent for the first six months.
“As more life companies release their products, the biggest changes will be to income protection insurance,” Mr Swanson said.
“We can expect to see transparent solutions with more moderate features, tighter terms and a greater focus on recovery to foster the product’s long-term sustainability.
“As a nimble organisation with strong financial advice relationships, ClearView is ideally positioned to respond quickly to developments and support advisers to understand the changes and what they mean for clients.”
