ClearView product updates ‘a first step to reimagining TPD’
ClearView has announced a number of enhancements to its ClearChoice product series, providing more cost-efficient options for trauma and total permanent disability (TPD) insurance coverage.
Among the product upgrades include two new trauma options: Trauma Extras and Trauma Severe Events.
Trauma Extras covers customers for less severe events such as fractures and total joint replacements including shoulder, hip, knee and ankle. Trauma Severe Events, meanwhile, provides coverage for catastrophic health events, providing customers with a higher benefit payment.
As well, customers will also be able to extend the expiry age for coverage up to 70, up from 65 years of age, while income protection waiting period definitions have ClearView said also been improved for all occupations.
The life insurer boasts that a key feature of the ClearChoice product range is the ability to tailor policies to suit individual circumstances.
ClearView group executive product and pricing Nick Kulikov said the new product options allow customers to opt for less severe events or increase the amount payable under trauma for catastrophic events.
“These options can also potentially be used in place of TPD, Kulikov said. “[For] example, in situations where certainty through objective definitions is desirable or where any or own occupation definitions are unavailable.
“This represents a much-needed first step towards reimagining TPD cover for today’s market.”
Kulikov added that the firm is conscious of the increasing cost of living pressures facing households today.
“[Affordability] is a key consideration when it comes to insurance. We want to help customers gain and maintain invaluable cover so they can protect themselves and their families,” Kulikov said.
Kathryn Williamson, ClearView’s head of distribution and marketing added that the product update is an attempt to overcome some of the current issues with TPD, including uncertainty due to the subjectivity of assessing total and permanent disability, and the length of time it takes to assess claims.
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