OneCare tops new life insurance sales survey

ING’s new OneCare life insurance product was the industry’s top selling product for new business sales via the independent adviser in the first six months of 2006, according to a survey by NMG Financial Services Consulting.

The survey by NMG (‘Life Insurance Sales via the IFA Channel, September 2006’) found OneCare, which was launched in November last year, captured more than 20 per cent of new sales from the channel during the period.

ING executive director, life risk, Helen Troup said OneCare had posted a 65 per cent growth in sales overall in its first year of operations, and that 800 advisers were now writing OneCare business.

“This success comes from the effort spent researching the market, listening to what advisers are asking for and then designing the solution and delivering it,” she said.

“OneCare was designed with unique features to address the many gaps in the types of cover available in the market, and provide more appropriate and flexible insurance coverage.”

For example, she said OneCare is “unique in the market in offering cover under our Trauma Premier product for 14 additional medical conditions not covered under traditional trauma policies”.

“These 14 conditions mainly relate to earlier stages of conditions covered under the traditional contract, and if they occur ING will make a partial payment of the trauma benefit.

“The extension of partial benefit payments being payable for a range of trauma conditions at an earlier stage enables those insured to access the best early intervention treatment,” she said.