Fidelity Life have made a slight change to their Cancer treatemnet under their Trauma benefit with the introduction of a partial payment for malignant melanoma under 1.5mm.
The new wording is as follows:
We will pay 25% of the sum
assured to a maximum of $25,000, the first time the insured person is diagnosed with a
malignant melanoma that is Clark Level 1 or 2 depth of invasion, or less than 1.5mm in thickness as
measured using the Breslow method.
The Reserve Bank of New Zealand have re-designed their website www.rbnz.govt.nz to make it more user-friendly. The launch took place over the past weekend. The look of the website has been improved as well as allowing for optimised use on mobile phones and tablet computers. There have been slight tweaks to some URL's within the site so if you have it bookmarked these will need to be updated.
Fidelity Life has made a significant change to the cancer definition under their trauma contract. A partial payment of up to 25% to a maximum of $25,000 sum insured can now be paid for melanomas with a depth of less than 1.5 mm.
Pinnacle Life has added a modest special event increase in cover option to their term life policy. It now includes marriage (including civil union) and divorce, and becoming a parent as options that will allow an increase of cover.
Southern Cross has made a number of changes to the policy wordings of their VIP medical range, some have scoring implications and will improve the ratings moderately.
Sovereign has made a number of small policy wording changes. Clarifications of the unemployment and homemakers benefits and other definition reviews. They apply to Sovereign and ASB versions of the contracts.
Please note that these are only general statements about the changes, eact details can only be obtained by reference to the policy documents. The policy wording sections updates as well as scores will be updated on the Quality Product Research database for subscribers.
We will publish details of the score implications and update the Quality Product Research Database early next week, until then, please keep in mind that these enhancements are not yet present in the comparisons you are doing.
Recently the Insurance Ombudsman confirmed that advisers cannot rely on their client's to read and understand onerous conditions and that these must be explicitly explained. This and other issues aimed at helping the adviser get business with the necessary compliance will be explored in Partners Life's upcoming Technical Seminars around the country.
A number of product enhancements are being rated right now in Quality Product Research. We shall give you a full list and update on the www.qpresearch.co.nz blog later today and provide an update to the QPR database online by early next week.
Pinnacle Life has recently announced Special Events Benefits for their Life and Mortgage products. This benefit allows existing policyholders to request an increase in cover levels based on changing life events without requiring further medical evidence.
Click here to read more on the Pinnacle Life blog.
Financial advisers seeking to offer advice on "tier 1" products in Australia could be required to have a degress (level 7) qualification if ASIC has its way. Link. This reinforces the views held by those that have always said that the current level of qualifications required in New Zealand are bound to rise.
The Money Advice Service in the UK was set up to provide what might be called generic or class advice after regulation has made that very difficult for financial advisers to provide safely. It is now being questioned. Questions are being raised about whether it actually knows how to offer this broad information service, and how effective it is in providing the information to consumers. This quote from George Mudie, reported in Money Marketing illustrates the dangers:
“If you cannot find ways of delivering a service on money advice and you
have to spend it on marketing, transition costs and core operations, it
leads us to believe that your organisation doesn’t know what it is
doing on money advice.”
I hope we can preserve the ability for advisers to offer general information about products without accidentally stepping into the compliance required for full personal advice, while ensuring that is not used as a work-around the rules for offering advice. Otherwise, the expense and risks of a "Money Advice Service" may arrive at our own doorstep.
You can read the article by Samual Dale at this link.