Nib to Bring Legacy Policies up to Date


Changes to most legacy and on-sale retail and group health products have been announced by Nib.

It is aligning many of the benefit terms of the retail and group health cover benefits to those of its Ultimate Health product. It is also aligning benefit maximums of its legacy products to those of the comparable on-sale product.

“We’ve carried out detailed comparisons of the benefits that are changing,” says the firm in a statement.

“We are confident that, while there are some individual cases where benefit coverage may have reduced for specific claims, overall, clients will receive better value for their premiums as a result of the changes.”

Nib says that by aligning many of the benefits of its legacy and on-sale products, it will be easier and quicker to process claims “…and in doing so, reduce costs and help to contain premium increases”.

The firm is also altering its Ultimate Health Max and Ultimate Health benefit terms. Changes will take place on policy anniversaries, starting 1 February 2024, with clients receiving six weeks’ notice.

“It’s important for advisers to understand that we are not moving clients with cover under legacy products onto Ultimate Heath cover,” says Nib.

“Also, members who have cover with a ‘per claim’ based excess will continue with this excess structure, and there will be no change to the benefits or policy wordings for Major Medical members and some policies developed for particular markets.”

A quick guide to all the changes is here, and full details are in Nib’s adviser portal.