The bank’s wealth arm announced earlier this week that it has updated its OneCare insurance range through the release of new Income Secure Essentials and Severity Trauma covers, which are expected to offer more accessible and cost-effective insurance options for ANZ customers.
Income Secure Essentials are made for customers undertaking rehabilitation to assist them as they return to work, while the Severity Trauma has a three-tiered payment system, which provides a customer 10 per cent of the insured amount upon diagnosis, 50 per cent upon an impairing condition and 100 per cent upon severe or permanent impairment.
Subsequently, Meredith Barnes, head of underwriting and technical services at RGA Australia, issued a statement endorsing the upgrade.
“This is a good example of innovative product design,” Ms Barnes said. “DI products of the future must support, encourage and facilitate in getting the insured back to health and then back to work. As part of ANZ’s OneCare range, they have designed a product that goes back to the basic principles of insurance, protecting policyholders and providing genuine, affordable cover for when it is needed most.”
A spokesperson for RGA Australia said there is no commercial relationship between the two entities.
Severity trauma seems like a great idea. Let’s hope a few other insurers offer something similar (without forcing it to be bundled with life cover like Zurich’s “Active”).
Didn’t you read the last paragaph?
[i]A spokesperson for RGA Australia said there is no commercial relationship between the two entities[/i].
Also, OnePath doesn’t use RGA as their reinsurer.
How utterly surprising that the company who has underwritten this product has given it a tick of approval.