Gerard Kerr
ANZ Wealth yesterday released its new Income Secure Essentials and Severity Trauma covers, as part of the OneCare range to offer customers more cost-effective and accessible life insurance options.
ANZ Wealth Head of Life Insurance Gerard Kerr said, “These new covers are a really positive step toward providing advisers and customers with more affordable life insurance choices.
“With trauma cover, a mismatch can arise between the financial support a customer receives and what they really need – particularly for medical conditions that can be diagnosed earlier and managed with less invasive, modern treatments than in the past.
“This mismatch is pushing up premiums and making cover less affordable for many Australians, which is why a tiered benefit structure increasingly makes sense to some customers,” Mr Kerr said.
Severity Trauma’s three-tiered payment structure provides a customer with 10 per cent of the amount insured on diagnosis, 50 per cent of the amount insured if their condition causes some impairment, and 100 per cent of the amount insured if they suffer severe or permanent impairment.
Income Secure Essentials is designed to reward customers undertaking rehabilitation to facilitate their return to work.
“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 our Income Secure Essentials cover can help deliver better outcomes for customers,” Mr Kerr said.