New updates for ClearView’s product line

ClearView Wealth has announced a string of improvements to its flagship life insurance product range, ClearChoice, after the firm’s half-year results showed strong life insurance new business.

ClearView reported its new business in life insurance was up nine per cent or $11.3 million from the previous period in the six months to 31 December 2022.

The enhancements include:

• Extending total permanent disablement cover to age 70 and a change in definition at age 65;
• Making the Income Support Booster Option (which allows a client’s benefit amount to increase by 20 per cent for the first six months of a claim) also available on policies with a 90-day waiting period in addition to the existing 30-day and 60-day waiting periods;
• Simplifying product names across the income protection suite; and,
• Allowing customers with the top level of income protection cover to be paid 70 per cent of pre-disability income before their cover expires through to age 65.

ClearView Managing Director, Simon Swanson, said the updates show the group’s commitment to streamlining product design to accommodate and remain responsive to changing adviser and customer needs.

“We have taken our time to listen to adviser feedback and watch how the market has reacted over the past 12 months to the huge changes in product design across the income protection space,” he said.

“The updates to ClearView ClearChoice ensure our life insurance products remain adaptive, flexible and built on what advisers have told us their clients really need.

“With the life insurance industry looking ahead to an exciting new future of simplified regulation, positive structural reform and stable commission rates, ClearView is well positioned to partner with advisers as they build efficient and nimble businesses.”