Recent Product Improvements

Issue 16 - July 2019
Recent Product Improvements
One of our key strategies for retaining our customers for the entire life-time of their insurance needs is to ensure their Partners Life policy remains competitive for life. This is where our automatic product upgrade guarantee comes in.

 

 

Improvement

Explanation

 

General (enhancement)
Increase in Dependent Child Age We have enhanced our definition of a Dependent Child for Life Cover, Life Income Cover, Terminal Illness Cover, Severe Trauma Cover and Trauma Cover. The upper age limit that constitutes a dependent child is now 21 (up from 18).  
Policy Suspension and Premium Holidays We have separated the maximum period of each of these benefits from each other. The maximum accumulated period for Policy Suspensions is 12 months over the lifetime of the policy with an additional maximum period of 6 months for Premium Holidays.  
General (new)
Special Events Increases We have introduced the new term ‘Aggregated’ to the sum insured to ensure the covers that are increased and/or reduced over time can qualify appropriately for the Special Events Increase Benefit. This applies to Life Cover, Total and Permanent Disability Cover (TPD), Severe Trauma Cover and Trauma Cover.  
Conversion
Benefits (new)
Trauma Cover to Severe Trauma Cover Conversion This allows up to $500,000 of Trauma Cover to be converted to up to double the sum insured of Severe Trauma Cover without underwriting.  
Conversion of Standalone Trauma Cover to Life Cover with Accelerated Trauma Cover This allows Standalone Trauma Cover to be converted up to an equal sum assured each of Life Cover and Accelerated Trauma Cover without underwriting.  
Special Events Terminal Illness Cover Benefit This conversion benefit allows a life assured with Terminal Illness Cover and is under the age of 30 who buys a property, gets married or has a baby to convert some/all of their Terminal Illness Cover to Life Cover without underwriting.  
Life Cover (enhancement)
Terminal Illness Advance Benefit We have enhanced the Terminal Illness Advance Benefit under our Life Cover to include any terminal prognosis where the life assured is highly likely to pass away within the next 24 months. We have also increased the maximum amount payable under this benefit to 30% of the Life Cover sum insured up to a maximum of $600,000, up from the current $250,000.  
Total and Permanent Disability Cover (enhancement)
Non-Occupational Definition of Disability We have added the total and irreversible loss of all hearing in both ears as one of the listed definitions of Total and Permanent Disability.  
Partial Payment Benefit The partial payment amount has been increased to 25% of the sum insured to a maximum of $300,000, up from the current $100,000.  
Additional Conditions for No Wait on TPD The list of Conditions under the Total and Permanent Disability No Wait Benefit has been extended to include Diplegia, Hemiplegia, Paraplegia, Quadriplegia and Tetraplegia. This means that if a life assured is diagnosed with one of these conditions they will not have to wait 90 days to be paid their TPD Cover.  
Trauma Cover (enhancement)
Covered Condition Definitions

We have enhanced the definitions for the following covered conditions:

• Alzheimer’s Disease • Intensive Care Treatment • Deafness
• Dementia • Coma • Loss of Limbs • Major Organ Transplant
• Stroke

 

 
Conversion of Child’s Trauma Cover Benefit We have extended the opportunities for the built-in Child’s Trauma Cover Benefit to be converted to up to $50,000 of Standalone Trauma Cover without underwriting, when the parent’s Trauma Cover is cancelled or claimed on.  
Trauma Cover Buy-Back Option We have extended the opportunities for the Trauma Cover to be bought back in the event of a Partial Benefit or Diagnosis Benefit payment.  
Trauma Cover (new)
New Diagnosis Benefits

We have added the Diagnosis Benefit to the following covered conditions:
• Benign Brain Tumour • Systemic Sclerosis • Encephalitis

Our Diagnosis Benefit remains the best in the market, paying 25% of the sum insured up to a maximum of $100,000.

 
Private Medical Cover (enhancement)
Surgical Benefit Maximum The maximum annual Surgical Limit has been increased from $300,000 to $600,000.  
Specialists Consultations, Diagnostic Procedures and Follow-up Tests We have increased the period during which we will cover costs associated with the Surgical and Non-Surgical Benefits from the current 6 months to 12 months either side of the surgery/admission.  
Major Diagnostic Benefit We have added Endoscopies (including Capsule Endoscopy) and Sigmoidoscopy to the Major Diagnostic Tests covered under the
base plan.
 
Children’s Cover Benefit We have extended the free coverage for babies of lives assured to 6 months following birth, up from the current 4 months.  
Specialist Treatment Benefit We have extended the Specialist and Tests Option to include emerging medical treatments that were not previously covered, for example, Intravitreal Eye Injections.  
Private Medical Cover (new)
Public Hospital Credit Benefit Under the Public Hospital Credit Benefit we will reimburse the following 12 months of Private Medical Cover premiums for a life assured who receives treatment or undergoes a procedure in a Public Hospital that could otherwise be undertaken privately and funded by their Partners Life Private Medical Cover. This new benefit is in addition to the current Public Hospital Cash Grant.  

 

The effective date of these product enhancements is 5th of December 2018 and these enhancements only apply to claimable events and trigger events that occur on or after this date. As has always been the case, any beneficial enhancements to our policy wordings are automatically applied to existing in-force policies under the Guaranteed Upgrade of Future Benefits feature, ensuring you will be in the best position at any time in terms of our ever-improving covered benefits.

 

The table above represents highlights of our recent product improvements and does not constitute, or replace advice provided by your financial adviser. Should you require any further information on the above benefits or have any queries on your specific policy, please contact your financial adviser. In all cases, the applicable policy wordings will apply.

 

Return to blog home

Return to blog home

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