Recent Product Updates

We have just uploaded the Quality Product Research Limited database QPRV10.1 to Quotemonster and subscribers. This version included the following changes:

ANZ Trauma Cover:

Policy wording also updated to the most recent document in the database, standalone cover.

ASB Mortgage Protection Review:

Review & change made to Offsets / Mental Health Limitation / Partial Disability provisions

Asteron Life

Enhancements of Trauma, TPD & Mortgage Protection for Business and Personal  products (effective 19 June 2017)

Kiwibank Mortgage Protection Cover:

Product has been rated & policy wording uploaded to database

Westpac Trauma (accelerated only)

New score added under ‘Diagnosis & Partial benefit’ to capture ‘minor heart attack’

Sovereign Critical Illness 

Updated pricing is being tested and will be applied to Quotemonster by tomorrow morning. The policy wording for these product enhancements has not yet been reviewed and will be reviewed and updated by 26 June, the QPR database will be updated again during that week. 

 

 


Banks: Mortgage Repayment Cover

We recently had an adviser ask us this question: 

If you are on claim with a bank mortgage cover and your mortgage is repaid during your claim does the claim end before you get to the end of the claim term?

Here is what we found:

ASB – Mortgage and Income Protection, benefit continues after mortgage has been repaid until the end of the chosen payment term.

Westpac – payments will cease if the mortgage is repaid. If disabled after the maximum 30 months and the life assured meets the TPD definition, Westpac will repay the outstanding loan amount. The policy then ceases.

Other banks have either Income based products, or an Agreed Value with a chosen benefit amount (Living Expenses).


Bank Insurers Argue Against "Sales" vs "Advice" Distinction

David Chaplin reports: 

"Banks have mounted an all-out attack on Financial Advisers Act (FAA) reform proposals to clearly distinguish ‘sales’ from ‘advice’ setting themselves at odds with industry bodies and consumers."

and also adds for clarity that

"...the big four Australian-owned banks and Kiwibank all strongly argue against introducing a formal distinction between ‘salesperson’ and ‘financial adviser’ into the regulatory mix."

Those a pretty strong words from David. I was interested in how we know that consumers would like a clearer distinction, and you might be too: 

"An accompanying MBIE survey also found almost 90 per cent of consumers said “clarifying the difference between ‘sales’ and ‘financial advice’ would help them better understand what they are receiving”

Read the balance of the article at this link


Why Can't I see the Banks on Quotemonster

There are a number of reasons why you may not be able to see the banks on Quotemonster or in the pdf reports.

  1. We don't offer the premiums for the banks on Quotemonster and therefore you will only be able to view banks if you subscribe to QPR.

If you are using QPR and can still not view the banks it may be due to either of these:

  1. The banks may not offer the product or options that you are quoting on. For example, a number of the banks do not offer Standalone products, they only offer Accelerated so please ensure the banks offer the products you are quoting.
  2. You have to ensure that you select the banks in "Step 3: Compare Insurers" in the "Research" tab. There is a drop down box labeled "Select More Companies" which lets you select which companies you want to appear on your report. Make sure you select the banks here and click 'Save'.

If you are still having issues please feel free to contact us on (09) 480 6071.