CommInsure leads industry with innovative enhancements to risk insurance
4 August 2006
Australia’s leading life insurer, CommInsure, has made twenty nine enhancements to its range of products including a number of market first additions, such as free trauma buy-back and day one total and permanent disablement cover.
Trauma cover provides you with a lump sum payment if you suffer from a specified medical condition, regardless if you are able to work or not. This may assist with medical costs, allowing people to focus on a full recovery.
Simon Swanson, Managing Director of CommInsure said its new trauma buy-back feature allows for continuation of Trauma cover despite a previous trauma claim.
"Trauma buy-back means cover will be reinstated 12 months after a claimant has been paid for their original claim," Mr Swanson said.
"Offering our customers this feature across all trauma products at no extra cost is a market first, and for existing policyholders, CommInsure will upgrade their Trauma cover with the trauma buy-back feature.
"One of our other key innovations is the payment of Total and Permanent Disablement policies from day one for 18 severe conditions where previously, like most of our competitors, there was a six month waiting period," Mr Swanson said.
"These changes to our products have come through consultation with advisers on what their customers want to see in our products.
"By keeping the industry innovative and progressive we’re one step closer to tackling the serious underinsurance issue in these classes of insurance," Mr Swanson said.
Another key enhancement is the change to Guaranteed Insurability which means CommInsure customers can now increase their Income Protection cover by up to 10 per cent every three years, in addition to CPI, without providing any further evidence of health.
Other enhancements include:
- Reduction in the total and permanent disablement qualifying period from being absent from work for six months to three months;
- Changes to Trauma conditions for degenerative diseases such as Motor Neurone Disease, Muscular Dystrophy, Parkinson’s, Alzheimer’s and Dementia and Multiple Sclerosis; and
- Waiving income protection premiums for up to three months for pregnant women who are on maternity leave when a policy has been in force for at last six months.