OnePath has announced a number of product enhancements effective 9 April, they have also updated their application form making it easier and shorter for clients to fill out.
Here is a list of some of the changes:
Mortgage Repayment Cover
- Now include cover for rental obligations or income, which were previously unavailable with this product.
- We have changed the offset provision and have introduced a claim payment cap of $7,500 per month before offsets apply.
- A 10% price increase associated with these enhancements for new policies is targeted for June 2019. However the enhancements will be effective immediately for new policies sold from today. Our pricing will still be competitive and provide your customers with great value for money.
Introductory inflation option on MRC
- We have introduced the inflation option to Mortgage Repayment Cover. And, as a special introductory offer there will be no additional cost for this benefit for new business sold in the next six months.
- New customers will have this benefit option included in their policy free of charge. After the first 12 months of the policy your client will be able to retain or remove this benefit at renewal. If they choose to retain it, they will pay a premium for this going forward.
- Once Sonata is introduced (targeted for late September) this benefit will become optional for all customers.
Other product changes
Further changes include, but are not limited to:
- improved guaranteed insurability option and life events within Assurance Extra.
- increased bereavement support benefit to up to $25k.
- extended the period of premium suspensions under the Assurance Extra Parental Leave Loyalty Benefit.
- removed the three month exclusion from Complete Disablement Cover.
- updated some trauma definitions to reflect current medical practices.