Cigna New Zealand has updated policies such as its level term premium options for Assurance Extra Life Cover, Trauma Cover, and Complete Disablement Cover.
Access to the new policies is restricted to users of the firm’s new quoting platform, accessed via its Adviser Hub, which went live this week.
The company’s CEO Gail Costa says the changes include “…more sustainable pricing on core covers to make our products more competitive in the long-term across a range of cover and sum insured options”.
Changes to Cigna’s products include the introduction of what it calls “refreshed rates” on yearly renewable Life Cover and Trauma Cover pricing.
In addition, there’s a revised Advanced Terminal Illness Benefit allowing customers to claim for an acceleration of their Assurance Extra Life Cover and Life Income Cover to provide financial assistance for any immediate expenses as a result of diagnosis.
And a wider melanoma cancer definition, reducing the requirement from 1.5mm to 1mm based on a histological examination using the Breslow method.
The company says changes will be passed-back to eligible in-force policies with effect from 11 May 2020.
New rates will be applied to existing Assurance Extra, Business Assurance, Business Extra, and Agribusiness Extra customers at their next premium review date.