Asteron Life's newest income protection product "Workability" will be live for quotes on quotemonster from from 11 August. Research will follow in the next couple of days.
Robyn Prentice, Manager - Product, Suncorp Life, talked with a real sense of mission about the problem of people not insuring their income because they are scared off by the high price of traditional income protection products. Workability is designed to address that need. Although with a focus on price you can imagine that the product will not compete in terms of high replacement ratios or long lists of generous features. After one year the "own" occupation definition switches to one based on "education, training, and experience."
Nonetheless it does manage to surprise in a couple of areas. The focus on rehabilitation means that a client could qualify for a rehabilitation benefit even before a total disability benefit is paid. That is interesting - and one of the claims people we spoke with felt that was a feature which could be used in many claim circumstances.
We will write in more detail about the product when we publish the research later this week.
This is how to find the new product on quotemonster: