Macquarie Life launches single policy product

Macquarie Life has broken new ground by launching its so-called Macquarie Life Active product, which encapsulates life, trauma and total permanent disability (TPD) cover within a single policy.

Head of Macquarie Life Justin Delaney said this style of product had a proven track record overseas in the UK and South Africa, and was an important addition to Australian industry where the lack of insurance remained a considerable issue.

Delaney said the main objective was “creating life insurance made for living”, allowing the client to make multiple claims throughout their lifetime as they were required.

Macquarie claimed cost efficiency was another key concept, with the single policy being cheaper to buy than purchasing three separate covers.

Sally Phillips, head of underwriting and claims for Macquarie Life, said making a claim could be a stressful time for the client — and assessing the severity of the condition could be very challenging for doctors.

“In addition, statistics tell us that injuries and illnesses can reoccur, happening more than once to the same client. But if their policy has already paid out once, probably for more than they need, what options are left to them?

“Macquarie Life Active provides a solution by paying multiple claims for the same health event, or a different event that has happened to the same client,” Phillips said.