ING Australia has improved and upgraded its flagship life insurance product OneCare. The enhancements took effect from 1 March 2010, with existing members automatically being able to take advantage of the increased offering without any additional cost.
“A key component of our life insurance product enhancement process is continuous consultation with financial advisers,“ explained Gerard Kerr, Head of Product Marketing and Reinsurance , ING Australia.
Mr Kerr went on to say, “These latest enhancements and upgrades continue our ongoing focus on making OneCare the most comprehensive and flexible life insurance product available to Australians.”
“A key market-leading enhancement is the new ‘future insurability three-year increase option’ that allows policy holders to increase their cover by up to 25%* of the amount insured on every third-year policy anniversary without having to undertake a medical test.
“This change recognises that individual and family circumstances change regularly and that policy holders should be able to upgrade their policy without making a new application or having another medical. So ultimately it’s about making life insurance simpler and easier for the policy holder.”
Key enhancements to OneCare include the following:
- Future Insurability – New personal event – when a policy holder ceases to have tax dependents, they can now apply to increase their Life Cover amount insured to cover the additional tax payable. This new Future Insurability personal event allows policy holders to apply to increase the amount insured by 25% of the amount insured at the cover start date*.
- Future Insurability – New three year increase option – if a policy holder has not applied for a Future Insurability increase for a three year period, on every third policy anniversary they may increase their cover by 25% of the amount insured at the cover start date without having to satisfy a business or personal event*.
- Partial payments for specific loss – if a policy holder suffers a specific loss (loss of use of a limb or sight in an eye), INGA will now pay 25% of their TPD Cover amount insured, up to a maximum of $500,000. Previously, this was 20% of the TPD Cover amount insured up to a maximum of $100,000.
Gillian Lilley, Freelance Business Writer
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