Partners Life offer guide on customer affordability considerations

Naomi Ballantyne recently discussed concerns that advisers have brought forward in a video that Partners Life have published. Advisers mentioned that their clients were receiving contradicting advice from other advisers. In the video, Naomi discussed the options advisers have when dealing with similar situations.

“Recently we have been contacted by a number of advisers expressing concern about some of their Partners Life clients receiving advice from other advisers, which conflicts with the advice they gave their client to retain and amend their existing covers.

What should they tell their clients when asked why they would receive such conflicting advice from two different advisers? To help answer this question, Naomi has put together a short video explaining to clients the questions they might want to ask should they be faced with this dilemma.  You can easily share this video with your clients from our Facebook page, should you think this might be useful to any particular client.”

 

In other news

nib: organisations with 15 or more people now can have all pre-existing conditions covered

Asteron Life: Understanding and supporting client vulnerability webinar

Partners Life: Steve Wright on Disability Covers

 


Southern Cross launches Cancer Cover Plus, and more daily news

Southern Cross has announced the launch of Cancer Cover Plus. The new cover is intended to give members broader chemotherapy options. Cancer Cover Plus will give members the option to upgrade to Chemotherapy 100, which has a benefit limit of $100,000 or Chemotherapy 300 which has a benefit limit of $300,000. Additionally, members will have the choice to access non-Pharmac cancer drugs.

“Southern Cross Health Insurance (SCHI) is launching competitive cancer care cover to give members more choice when it comes to chemotherapy, including increased access to cancer drugs not subsidised by Pharmac.

SCHI’s new Cancer Cover Plus has two optional upgrades - Chemotherapy 100 (benefit limit of $100,000) and Chemotherapy 300 (benefit limit of $300,000) – to help members during their cancer treatment journey. This covers the cost of Pharmac and non-Pharmac, Medsafe indicated chemotherapy drugs and their administration for the treatment of cancer.”

Nick Astwick has said that the new cover has been designed with the needs of members in mind. Cancer Cover Plus has been developed to complement the unlimited surgical and radiotherapy benefits. Astwick notes that the cover was created so more New Zealanders have faster and more access to affordable cancer treatment options.

“We understand that a cancer diagnosis, or the fear of one, can be scary for people so we wanted to give members peace of mind by providing them with more cancer cover options.

 

“We have developed them to complement the unlimited surgical and radiotherapy benefits we offer in most of our plans, and this will help to provide a comprehensive package to the vast majority of our members who have these products and also tell us their main concern is cancer care,” he said.

 

The Southern Cross Healthy Futures Report 2020 revealed that 79 per cent of New Zealanders are concerned about not having access to cancer treatment services and 59 per cent are worried about experiencing or developing an illness or disease.

 

“Not all cancer drugs are funded by Pharmac which makes them unaffordable for many people. We created this new cancer cover so Kiwis could have faster access and more treatment options to receive potentially lifesaving chemotherapy drugs if they need to,” said Astwick.” 

In other news:

At goodreturns: Adviser consultancy firms say full licensing provisions bring mandate for change

From Partners Life: Do your self-employed clients have the right income cover? 


A beautiful summation of the conflict between heart and head

I can't think of a better demonstration right now of the conflict that happens for me when evaluating insurance product than this one: 

Funding

I am sure many advisers could create similar versions based on different features of insurance policies, funded and non-funded treatments, and so on. The struggle is real. 


Battling cancer and fighting for funding

Dr Rosalie Stephens says it's crucial that PHARMAC moves more quickly when revolutionary treatments come along to prevent patients from deteriorating or potentially dying as they cannot personally afford the treatments.

According to this article it takes the UK on average 143 days to fund a modern medicine after it is registered for use, compared to 370 days in Australia. In NZ, patients wait on average 517 days for PHARMAC funding, with no time frame for decisions.