ClearView makes life insurance product changes
ClearView has announced three key changes to its range of life insurance products, including new product features and a simplification of its overall premium rating structure.
The firm said in a statement that the first change to its LifeSolutions product suite is the introduction of Income Protection Super Solutions, which will enable customers to flexi link their income protection cover inside and outside superannuation.
ClearView has also introduced a new Waiver of Premium While Involuntarily Unemployed Benefit, under which the firm will waive premiums for all cover types for up to three months in the event of involuntary unemployment.
Lastly, some upgrades have been made to its online quote tool, including the ability to apply a loading and print premium projections and premium type comparisons.
The key changes will become effective on 21 October, while three-year commission projections will also be available by the end of October, the statement said.
ClearView also said it would increase income protection premiums in line with recent increases seen across the market in response to industry claims experience.
“The life insurance industry has consistently lost money on retail income protection for most of the last decade,” the statement said.
“As a result, most life insurers have been increasing their income protection rates over the last 18 months.
“The income protection premium increases will move LifeSolutions income protection pricing onto more sustainable terms, while remaining competitive in the market,” it said.
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