ANZ has announced changes to its OneCare life insurance product as part of strengthening its commitment to financial advisers as a key focus of its business.
ANZ said in a statement that, from today, OneCare will offer greater funding flexibility with Income Secure SuperLink, where customers can split the ownership of their income protection policy inside and outside of super.
The initiative ensures customers can take advantage of super as a funding solution but also ensure they can access benefit payments when necessary, the statement said.
ANZ said it will be further streamlining OneCare’s underwriting processes through a new electronic pre-assessment tool, as well as changes to the application process allowing customers to complete their personal statement in a way that suits them best, whether that be online or over the phone.
OneCare will also have a combined product disclosure statement (PDS) and policy terms document to ensure the understanding of products is simple and transparent, the statement said.
ANZ Wealth’s head of life insurance Gerard Kerr said the changes ensure OneCare continues to meet the changing needs of advisers and their clients.
“[The changes] allow advisers and their clients to spend more time focusing on wealth solutions and less time on administrative tasks,” Mr Kerr said.
“These initiatives demonstrate our ongoing commitment to power our advisers in a rapidly evolving industry.”
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