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Quality Product Research: Built-in versus optional benefits - how we help to keep advisers safe when preparing comparisons

Quotemonster quotes products depending on the options selected - this is then automatically passed through to the research analysis if you have a research subscription. So unlike services which only work on feature lists, we appropriately rate the product that the client has actually been quoted. This is essential to the provision of compliant personalised advice.

For example: Life Cover Buyback on Accelerated Total and Permanent Disability (TPD) was quoted approximately 900 times in March. This option allows the insured to increase their life cover, back to the original value, after they have claimed on TPD (the TPD claim amount is deducted from Life cover). Terms and conditions are unique to each provider. 

Most insurers offer Life Buyback as an optional add on and at an additional cost, some insurers, in this example Asteron Life, has this as a built-in benefit. While TPD is harder to claim on than some other products, we find this to be a significant difference that might be of interest for long term policy holders. To reflect this on Quotemonster, we note this in the premium breakdown screen and the score for this benefit will be included in the research score for companies that build it in to the product. It is much safer for users than having to remember to tick or untick the inclusion of certain features. 

New TPDWe value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz

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