Risk Product Updates as at 29 November 2016

Product Updates

AIA expands online claims system for employers
AIA Australia has launched its eClaims system for employers to help their employees complete their claims more efficiently via superannuation. The system reduces human data entry errors, and is easier to use with a single logon and password for each employer. 

AMP Flexible Lifetime - Protection and AMP Elevate product updates
A supplementary product disclosure statement for Flexible Lifetime - Protection and AMP Elevate have been released. Changes, mostly to trauma definitions, include: 

Trauma definition updates apply to AMP Flexible Lifetime - Protection regarding: 

  • Alzheimer’s disease and other dementias
  • Coronary artery angioplasty – triple vessel
  • Heart attack (partial payment)
  • Multiple sclerosis
  • Severe rheumatoid arthritis

Trauma definition updates apply to AMP Elevate regarding: 

  • Alzheimer’s disease and other dementias
  • Aplastic anaemia
  • Cancer
  • Major organ transplant
  • Multiple sclerosis
  • Severe Rheumatoid Arthritis
  • Triple vessel angioplasty

Wording changes apply to Total and Partial Disability benefit and Interim Cover definitions within the Elevate Income Insurance product. Changes apply as of 19 November 2016. 

Product and service enhancements, price increases, to CommInsure Protection
Changes to CommInsure Protection products and services include: 

  • More than 20 new or updated trauma definitions
  • New (partial) benefit for benign brain tumour of limited extent
  • New meningococcal disease (full) benefit for meningococcal septicaemia or meningitis
  • New full benefit for hepatitis B or C acquired occupationally
  • New partial benefit for Parkinson's disease within Trauma Plus cover for those with a simple Parkinson's disease diagnosis
  • New definition for secondary primary cancer
  • New partial definitions for severe Crohn's disease and severe ulcerative colitis within Trauma Plus option
  • New split income protection cover across two policies inside and outside of superannuation, to allow the majority of a premium to be paid from within super, but offering maximum extras coverage outside of super
  • Extended indemnity policy allowing pre-disability income to be determined as the best 12 consecutive months income in the three years prior to disability
  • Improved definition of agreed value cover with a more generous definition of pre-disability income
  • New trauma buy-back Plus option to allow clients to claim for more conditions after cover has been reinstated
  • Improvements to terminal illness benefit, now in line with superannuation industry conditions of release
  • Extended expiry of TPD contracts
  • Changes to some policy entry and expiry ages

Claims service improvements

  • Tele-claims service introduced to save time
  • Mental health claimants now have a support program to help people return to wellness, rather than just to work

Price increases

  • There is an increase of 7.5 per cent for new ordinary income protection business, both stepped and level, from 13 November 2016. Ordinary IP policies that already exist will also see the premium increase from February 2017.