The wealth arm of a major Australian bank has recently announced updates to its insurance offerings.
ANZ Wealth has expanded its OneCare insurance range with the release of new income secure essentials and severity trauma covers – a move supported by its reinsurer RGA Australia.
Gerard Kerr, head of life insurance, said the new upgrades will allow advisers to offer ANZ customers, who are pushed out of the system by high premiums, more accessible and cost-effective insurance options, Money Management reported.
The severity trauma cover would offer a three-tiered payment structure to provide customers with more choices suitable to their needs.
“A mismatch can arise between the financial support a customer receives and what they really need,” Kerr said.
In a statement, Meredith Barnes, head of underwriting and technical services at RGA Australia, endorsed the upgrade.
“This is a good example of innovative product design,” Barnes said. “DI products of the future must support, encourage and facilitate in getting the insured back to health and then back to work. As part of ANZ’s OneCare range, they have designed a product that goes back to the basic principles of insurance, protecting policyholders, and providing genuine, affordable cover for when it is needed most.”
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