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Macquarie Life - Severity Based Life Insurance Policy

 

Macquarie Life has launched Australia’s first ‘severity based’ insurance policy with Macquarie Life Active.


Severity based policies encompass Life Insurance, Total and Permanent Disability (TPD) and Trauma insurance in one single policy which enables the life insured cover for all major health events, death and terminal illness.


The policy allows the potential for multiple claims and the amount paid as a lump sum is based upon the following:

 

  • The seriousness of the condition (determined in consultation with the client’s doctor);
  • The impact on the client’s income; and
  • The additional costs associated with the condition.


Macquarie Life’s Head of Underwriting and Claims Sally Phillips says Macquarie Life Active will pay benefits that match the client’s needs, adding that the insurer sees this as a ‘living’ product that offers comprehensive cover at fair value.


Macquarie reports that severity-based policies in South Africa have proven extremely popular, having taken three years from the launch of the first severity-based product to the point where all retail insurers now offer this style of contract.

 

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CORRECTIONS REQUIRED:

After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....

Dr S.T (BDSc)
Dentist
Newman, WA.


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