ClearView enhances life insurance offering

ClearView’s ClearChoice life insurance product suite has had some improvements, effective 2 April 2023.

Simplification of product names on the income protection (IP) range.
Those in the top level of IP cover will now receive 70 per cent of pre-disability income until cover expires and may continue through to age 65 (previously capped at 60 per cent from age 60).
The Income Support Booster Option is now available on policies with a 90-day waiting period, alongside the existing 30 and 60-day waiting periods.
Total permanent disablement insurance has now been extended to age 70, with definitions changing at age 65.
New business premiums have been reviewed, with an advantage to mid-age professional clients.

MetLife updates CareSuper group insurance offering

CareSuper has updated its insurance offering via provider MetLife, effective April 6.

The TPD definition has changed, split into two categories based on age and employment status.

If the insured was employed or self-employed within 16 months of the date of disablement and under 65 years old, they are Definition A, which means they are unlikely to ever engage in any occupation.

For those aged 65 years or older, or not employed or self-employed within 16 months of disablement date, they are Definition B, requiring the claimant to be unable to do basic activities associated with work ever aged to be eligible.

Previously eligibility was based on being permanently disabled, unable to work or unable to perform certain activities.
The maximum eligibility age for death and TPD cover has been extended to offer longer coverage, up until age 75 for death and up until the age of 70 for TPD. The exception is if the person turns 65 before 1 April 2023, the extended TPDE cover is not available, and if they turn 70 before this date, they are not eligible for extended death cover.
Pre-disability income has been increased for income protection cover from 85 per cent to 87 per cent up to a maximum of $40,000 per month for two and five-year benefit periods.
Members will receive 12 per cent of their income paid into their CareSuper account after a valid income protection claim as a superannuation contribution, up from 10 per cent.