CommInsure will be relaxing its life expectancy requirement from 12 to 24 months as part of improvements to its products following feedback from a series of adviser boardroom sessions.
CommInsure says it also providing an ‘extended indemnity’ income protection policy catering for a client’s highest average monthly income in any consecutive 12-month period in the 36 months before claim.
Other enhancements include several upgraded and new trauma definitions, and the continuation of total and permanent disability (TPD) cover inside super when cover outside super ends under a split TPD arrangement, the company said in a statement.
CommInsure head of life product and strategy Franco Crapis said adviser feedback was positive and reflected its commitment to helping clients enjoy a strong and secure future.
“Advisers were very receptive to having the flexibility to offer their clients income protection split across two separate policies, one inside super and the other outside super,” Mr Crapis said.
“Split income protection offers a flexible structure allowing clients to get the best of both worlds.
“While offering income protection extras and benefits not available inside super, part of the premiums for the split cover can still be paid through super.”
CommInsure said it has also launched a new income protection tele-claims service that, once some basic triage questions are answered, will replace a 20-page claim form with a brief interview over the phone.
The service was designed to remove paperwork and facilitate a more personalised and faster claims experience for customers.