Macquarie Life aims to revolutionise Australian life insurance

Insurance News .com.au reports that “Macquarie Life hopes to revolutionise the Australian insurance industry with its new policy combining life, trauma and total permanent disability (TPD) cover, as well as a range of additional benefits.”

Macquarie Life Active product will apparently also help to tackle Australia’s underinsurance problem by providing “a flexible, easy to understand policy delivering clear benefits throughout an individual’s lifetime.”

The policy offers extra benefits of health events cover, which includes more medical conditions than traditional trauma and TPD policies, and also allows cover for health events not specifically mentioned. Multiple claims for the same health event are also covered, as are claims for a different event that has happened to the same client.

Macquarie says this allows the cover to be responsive to recurring illnesses and injuries of varied severity by paying clients a tiered lump sum dependent on the seriousness of their health event.

Head of Macquarie Life Justin Delaney said, “There are several factors which make Macquarie Life Active different to anything currently available in Australia.The product enables financial advisers to address all of their client’s insurance needs under just one policy, has the flexibility to allow a client to make multiple claims throughout their lifetime and, importantly, is a concept that is easy to understand. We have introduced a new level of flexibility that can meet the specific financial needs of the client at the time they are making a claim.”

Information sourced and edited from Insurance News .com.au.

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