ClearView says it will increase income protection premiums as it makes three key changes to its life insurance product range.
The firm says it will raise income protection premiums in line with recent increases across the market in response to industry claims experience.
“The life insurance industry has consistently lost money on retail income protection for most of the last decade,” ClearView said in a statement.
“As a result, most life insurers have been increasing their income protection rates over the last 18 months.
“The income protection premium increases will move LifeSolutions income protection pricing onto more sustainable terms, while remaining competitive in the market.”
ClearView also announced it will make three key changes to its range of life insurance products, including new product features and a simplification of its overall premium rating structure.
The firm said it will introduce Income Protection Super Solutions to its LifeSolutions product suite, which will enable customers to flexi-link their income protection cover inside and outside superannuation.
It has also introduced a new Waiver of Premium While Involuntarily Unemployed Benefit, under which the firm will waive premiums for all cover types for up to three months in the event of involuntary unemployment.
Lastly, some upgrades have been made to its online quote tool, including the ability to apply a loading and print premium projections and premium type comparisons.
The key changes will be effective on 21 October, while three-year commission projections will be available by the end of October.