ClearView revamps life insurance products
ClearView has unveiled its reset approach to its life insurance products to meet the requirements outlined by the regulators last year.
In doing so, the company has launched a new product series – ClearChoice – which it is marketing as being a smarter and fairer solution with significant changes to income protection.
The new offerings will be officially launched in October, with ClearView managing director, Simon Swanson describing ClearChoice as a “next generation life insurance product that addresses shortcomings in existing solutions to meet the evolving needs of customers, advisers and regulators.
“The market is resetting and ClearView, as an organisation, is resetting. We have redesigned our core life insurance product and we have also ramped up our investment in technology to help ensure that we continue to meet the evolving needs of advisers and customers,” he said.
“All retail life insurance companies are required to redesign and reprice their life insurance products to address the sustained underperformance of income protection, and ClearView has taken this opportunity to invest in our technology at the same time to ensure that our products are fit-for-purpose and we remain easy to do business with.”
According to the company, ClearChoice Income Protection offers two base structures to choose from: IP and IP Flex. IP pays up to 60% of pre-disability income to age 65. With IP Flex, this increases to 70% of pre-disability income for the first two years of a claim. This can be extended to age 60 by selecting the Extended Income Support Option for those who need a higher level of ongoing cover.
Customers can also select the Booster option, which increases the benefit amount by an additional 20% for the first six months of a claim.
ClearView said that, In total, ClearChoice Income Protection offers nine built-in benefits, four optional extras and a TPD lump sum option for no additional cost.