ClearView enhances life insurance options
The listed financial services company has announced numerous enhancements to its ClearChoice life insurance product range.
This included simplified product names across the income protection (IP) range to enhance clarity for both advisers and customers.
For clients on the top level of IP cover, they would now be paid 70% of pre-disability income until their insurance cover expired. Previously, this amount was capped at 60% from 60 years old, but now those aged up to 65 would be paid an extra 10%.
Moreover, the income support booster option would be available on policies with a 90-day waiting period, alongside the existing 30 and 60-day periods. The option increased a client’s benefit amount by an additional 20% for the first six months of a claim.
Total and permanent disability cover would be extended to 70 years old, with a change in definition at age 65.
“We have taken our time to listen to adviser feedback and watched how the market has reacted over the past 12 months to the huge changes in product design across the income protection space,” said Simon Swanson, ClearView managing director.
He added: “The updates to ClearView ClearChoice ensure our life insurance products remain adaptive, flexible and built on what advisers have told us their clients really need”.
Swanson noted that ClearView was “well positioned” as the life insurance industry moved towards simplified regulatory reform and stable commission rates.
AUTHOR
Jasmine Siljic
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