ANZ has announced it updated its heart attack definition in its OneCare Trauma Cover, saying it now offers full benefit payouts and is broader in scope.
Risk Adviser understands the bank switched from a two-tiered system, which distinguished between minor and major heart attacks, to a single definition.
Previously, a 'heart attack (major)' would result in a full benefit payout while a 'heart attack (minor)' would result in a partial payout.
The new single definition, titled 'heart attack (diagnosed)', comes with other changes that are in response to adviser input, Alexis George, ANZ Wealth managing director, said in a statement to advisers.
"Our strengthened commitment comes from listening to you and what you had to say, and a recognition that we need to improve. The result is some major investments to enhance the products, services and the level of support and expertise we can offer you," she said.
"These innovations are more in tune with your needs as a financial advice professional today. And they are designed to help you provide a better end product to your clients."
ANZ's move follows CommInsure's recent changes to its heart attack and severe rheumatoid arthritis definitions in its trauma product.
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