Partners Life has released more details to advisers on its wide-ranging product and technology updates, following its initial webinar presentation in late October (see: Partners Life Product, Technology Update)
Effective from 12th November 2022, the insurer’s combined product and technology update focuses on:
- System enhancements with a view to greater automation of new business assessment and auto issue of policies
- Key changes to trauma insurance and terminal illness benefits
Trauma Cover Buy-Back enhancements
The Trauma Cover Buy-Back option available under Trauma Cover, Moderate Trauma Cover and Severe Trauma Cover has been upgraded and expanded to offer two options:
- Immediate Buy-Back
- Deferred Buy-Back
Immediate Buy-Back
Key features on Immediate Buy-Back include:
- Automatic and immediate continuation of trauma cover following a claim, without a 12-month stand-down
- Multiple claims until the sum insured has been paid four times in aggregate
- That it does not forever exclude all subsequent claims against the same Covered Condition previously claimed on
- Immediate Buy-Back is available at the same cost as the existing Trauma Cover Buy-Back
Partners Life notes all existing policy holders with the Trauma Cover Buy-Back Option will be upgraded to the Immediate Buy-Back Option at no extra premium.
Deferred Buy Back
Introduced to reflect the 12-month stand-down period, Deferred Buy-Back’s key features include:
- Most of the features of the original trauma buy-back option
- Allowance for unlimited buy-back of trauma cover paid after a 12-month stand-down
- Permanent exclusion of the trauma Covered Condition claimed on
The insurer advises Deferred Buy Back is a lower-cost option than Immediate Buy-Back.
Upgrades to existing benefits
There have been a number of other upgrades across the Partners Life product range including:
- Terminal Illness Advance Benefit – increase in the maximum limit for payments to $600,000 (previously $250,000)
- Financial and Legal Advice benefit – can now be accessed earlier by clients making a claim under the Terminal Illness Advance benefit
- Occupation Class 5 calculation on income covers – indexation of the maximum benefit payable to $2,500, to adjust for inflation
- Trauma Cover definitions – definitions of several conditions upgraded
New benefits and definitions
Partners Life has also introduced three new benefits to its product range:
- Conversion of Trauma cover to Moderate Trauma cover – allows clients to convert up to 120% of their Trauma cover to Moderate Trauma cover, without health evidence
- Conversion to Income and Expenses Cover – clients can now convert some or all of their existing Monthly Disability Cover to Income and Expenses Cover, without health evidence
- Return to Home benefit – this benefit will pay up to $10,000 for a flight back to NZ for the life assured. Applicable to Life Cover, Life Income Cover and Terminal Illness Cover.
More information
Advisers and support team members can find out more information about the changes by:
- Watching the Partners Life Product Enhancement Webinar
- Accessing Partner Life’s adviser guides for the Immediate Buy Back Option and the Deferred Buy Back Option.
- Accessing a summary all of the new and upgraded benefits
