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.
ANZ Wealth head of life insurance Gerard Kerr commented on these new releases, saying that these covers will help in providing customers inexpensive life insurance options.
“With trauma cover, a mismatch can arise between the financial support a customer receives and what they really need, which is why a tiered benefit structure increasingly makes sense to some customers,” Mr Kerr said.
“There’s a growing body of evidence to suggest that returning to work can actually play an important role in your return to health, so we believe that our Income Secure Essentials cover can help deliver better outcomes for customers.”
Less Cover for (presumably) less premium cost.
Terrific, until claim time, then it hits the fan, when questions arise as to what else what else was actually available.
Cynical?
Maybe.
The severity based trauma product is a great innovation. Macquarie (now Zurich) have their “Active” product which is similar, but unfortunately it’s only available if bundled with life cover, which many clients don’t need. Let’s hope other insurers follow OneCare’s lead.