Medical / health insurance pricing comparison database updated

Medical /Health Insurance pricing comparison database V79 has now been issued to subscribers. This version includes the following changes:

  • Update Southern Cross rates effective 1/3/20
  • Update nib rates effective 1/4/20
  • Update Partners Life rates (including policy fee) effective 5/4/20

Fidelity Life: Working on helping those customers in hardship

Here is what Fidelity Life have to say about helping customers facing financial hardship during this time:

We’re working hard on a package of practical retention initiatives designed to meet customers' needs. We’ll confirm the details with you as soon as we can.

But in the meantime here's some clarity on what we can do right now to support customers dealing with hardship:

  • Premium holiday option - up to 12 months on select Life, Survivor’s Income and TPD covers
  • Leave without pay option - up to 12 months on select Income Protection and Monthly Mortgage Repayment covers

Retention tools - on a case by case basis our Retention team can help customers with making up missed payments, reinstating cover or a premium freeze or temporary hold

Click here to read more. 

Partners Life: Premium Increases

Partners Life have announced:

Having completed a routine review of emerging claims experience across our entire risk product range and considering medical inflation as it relates to Private Medical Cover, we have determined that the following underlying price increases will take effect from 5 April 2020, for premium structures other than Guaranteed Level.



Asteron Life: Changes to Mortgage and Living Cover

Asteron Life have announced a number of changes to their Mortgage and Living Cover, as well as the ability to quote it alongside Income Protection.

As of Monday 9 December Asteron announced they have introduced:

  • The ability to combine Mortgage and Living Cover (MLC) with Income Protection (IP)
  • An optional Ten-hour benefit on Mortgage and Living Cover
  • Enabling bundling discounts across Personal and Business
  • Adding level Life Cover projections to age 100

Here is an example of combining Mortgage and Living Cover with IP: Combining MLC and IP may be suitable for clients who want the advantage of not offsetting ACC benefits as well as some tax deductibility of premiums; or for self-employed clients who could manage basic oversight of their business in less than 10 hours a week; or for self-employed clients who are used to meeting regular tax obligations.  

Here you can download a case study helping explain the optional ten-hour benefit on Mortgage and Living Cover. Download MLC Case study



Partners Life: Naomi Ballantyne talks about wellness and premiums

Partners Life have introduced Executive Insights, it is a new video podcast series developed to share with you the open and honest thoughts of their senior leadership team on those topical questions or areas of concerns.

The first episode of Executive Insights is focused on the link between Health & Wellness programs and incentives, and Life Insurance products - find it here.

Naomi Ballantyne takes aim at features such as AIA Vitality which vary the premium of a product based on how healthy the client is - pointing out the implications for budget and what happens when there is a change in health. 


Chatswood premium comparison database v107

A new version of the premium comparison database has been released. The most interesting part of the release is the new 'Price Change History' feature. There is a new button labelled ‘Price Change History’ in the menu - see image below. 

Premium comparison menu buttons

This opens a list of historical price changes, which can be easily searched by Benefit, Company and Date. So, for example, you can see what price changes have been made to Income Protection benefits over time, or the change history for a particular company. 

Price change history function