ANZ: OneCare discount offer extended, enhancements
ANZ Wealth is extending its special offer for high-sum OneCare Life new business until 18 March 2016, for a 10 per cent lifetime premium discount on sums insured of $1.5 million and above for OneCare Life Cover and any linked Total and Permanent Disability (TPD) and/or Trauma policy applications. The usual discount is five per cent, and applies to sums insured over $2.5 million.
OneCare Protection has been broadly enhanced, with changes including:
- New product - Income Secure SuperLink, to split policy ownership inside and outside superannuation
- Salary requirements for Executive and Qualified Professional occupations updated - Executive salary package requirement is now $100,000, while the Qualified Professional salary package is now $150,000
- Trauma definition updates - mostly for clarification
- New Premium and Cover Suspension (Income Secure SuperLink only)
- New extended Terminal Medical Condition feature (Life Cover Super only)
- Limited Death benefit feature now to include a suicide exclusion
- Elective surgery clarifications
- CPI can now be declined on the phone instead of writing in
MLC and NAB increase distribution of NAB Essentials Life
NAB Essential Life will no longer require an adviser, and will be available across NAB's bank branches in Australia and online/over the phone. Customers can get up to $1 million in cover with no medical tests. Access to MLC's Best Doctors is also granted.
AMP and Munich Re deal
AMP and Munich Re have signed a binding quota share agreement reinsurance deal that will see Munich Re reinsuring half of $750 million in annual premium income from AMP Life's retail portfolio, costing AMP $25 million, but liberating $500 million in capital.
Cardena joins Fortnum
Licensee Fortnum Financial Advisers has added Cardena Private Wealth (formerly Arrive Wealth Management Sydney)
AZ NGA's Logiro acquires two new companies
Advisory firm Logiro, a partner of AZ NGA, has bought Aspire, an advisory firm with over 500 clients in Queensland, and over $110 million in assets under advice. AZ NGA has been very busy in acquisitions, also making a deal to acquire On-Track Financial Solutions in Perth, taking acquisitions in the past 18 months to 18.
HLB Mann Judd launches debt advisory business
A new debt advisory business has been launched by accounting and financial advice firm HLB Mann Judd Sydney. The joint venture has been set up with James Macfarlane, a banking executive, who joins the firm as director of HLB Debt Advisory.