We have been made aware that a few of the bank insurance products have updated their policy terms and conditions. We are currently in the process of updating our database to reflect these changes and we aim to have them live shortly.
When comparing bank products here are a few helpful tips:
- If quoting Trauma or TPD make sure it is Accelerated if you want the banks to appear in the research as most don't offer Standalone Trauma and TPD
- When quoting Income Protection Indemnity and the bank you want is NOT appearing, change it to Agreed Value and see if they appear there, if not their product could possibly be rated under Mortgage Repayment
- The banks will not appear if the clients age is out of the range covered by the banks protection, this commonly happens if the client is aged over 55
- Make sure the bank offers the occupation class you have selected, some banks do not offer TPD to class 3 or 4, most do not offer to class 5
Here is a screenshot of "Step 3: Compare Insurers" in the "Research" tab where you can select which companies you want to appear on your QPR report. You can only have 14 companies selected so you may need to un-tick a company to allow you to include the bank of your choice.
Any further questions about comparing banks email us or call us (09) 480 6071.
For those of you who subscribe to our Medical Comparison Database version 36 is now available. This new version includes the following updates:
New AIA rates effective 23/8/14
New Accuro rates effective 1/9/14
Sovereign Absolute Health rates have been replaced with the new Private Health product launched 1/9/14
There is now a "View Policy Document" button in the partial policy wording section which will open a new tab and generate the full policy document for each company in a pdf.
Accuro Smartcare+ prices and policy documents have now been updated on Quotemonster. It appears that Smartcare+ has increased by 9% and an increase of 8% when Specialists and Tests are included.
Quotemonster has been updated to include the following recent changes.
AIA's Health rate change has gone up by about 6% which makes them now amongst the most expensive in the market.
Sovereign's new Health products Private Health and Private Health Plus have now replaced Absolute Health. The new pricing and research ratings are now available with the typical male life quotes coming in at 4.5 stars on QPR and 4 stars for a typical female life.
We have just been notified of product and pricing changes to Accuro Smartcare+ so are currently working on these and hope to have them updated early next week.
Version 72 of the QPR database has been sent out to subscribers and we hope to have the Medical Comparison database out early next week.
I continue to receive complaints about policy documents from advisers. Following blogging the Zurich Life report on Misinsurance in Australia a Wellington-based adviser in good standing, who invests a lot of time in the development of his business and the industry sent me this:
"I can’t think how many times I have heard clients confused about what cover they have (misinsurance) because they read it in the policy document.
There is no excuse for clients today not to be given clear, precise documentation that only includes the cover they have. If someone only buys a life insurance policy, why would anyone want a policy document that describes every product you sell?"
I have to agree. Not all things have improved in this regard. There is a company reception area I sometimes sit in which has a copy of a life insurance policy - it takes up just one page.
"This is an issue, I have seen it literally hundreds of times even when I have sold the product and explained it well. We know why, it’s because of the cost of printing policy documents. Let’s put it all in one document and it saves money in printing, is more convenient than sending multiple policy documents and should be easier for the client."
When you're thinking about what's best for the company, not the client, you are on the wrong track. But just in case you're feeling smug about how great your document is because you only include specific benefit sheets, hold on:
"Some manufactures print documents on the fly more specific to the product purchased but still include “options”, which the client never purchased. If they don’t have it, don’t put it in the policy wording. In this day and age there isn’t any excuse why policies can’t be printed on the fly to include only the features you have actually bought. A one stop policy document with all the plain English awards in the world, makes no sense at all when read on its own or trying to navigate to the actual bits you have bought."
The emphasis is editorial on my part.
I disagree a bit on the issue of plain English. I like plain English, but the document architecture is perhaps even more important: shorter sentences, and shorter words, are the mainsprings of plain English documents. But if you have to flick between a 'base policy wording' to a 'benefit sheet' and back to a 'schedule' and also to a 'definitions' section then you are demanding a reading task that is frankly beyond either the skill or the patience of a majority of customers.
The point about technology is also well made. Why not build the document based on what the client bought? Before anyone writes to me about how expensive and difficult this is, I should point out that Quality Product Research Limited builds quotes and research reports that are tailored to the specific options chosen. So it isn't that hard.
The adviser continues:
I challenge any manufacturer to go through their policy document for just life insurance, no options and cross out the bits that don’t apply. Let’s see where misinsurance starts.
He has a point. That's the main reason I wrote this piece over at goodreturns.
You can also read this Download Insurance Policy Readability Review v1.
Updated prices for Asteron LOE, LOE Plus and Mortgage Protection. Please note that we are now including Increasing Claim for Asteron Mortgage Protection, which wasn't included previously. The prices have gone up by approximately 5%.
We're on the road again - with the huge number of new sign ups we are running another introduction session.
This session will provide an overview of the research approach used and illustrate the best approach on using the QuoteMonster Research Platform. Great opportunity to ask questions, learn what is new and as always some interesting statistics.
- Understanding research methodology – four factors
- Selection criteria and making better recommendations
- QuoteMonster Tips and Tricks
- Replacement Business Tools
- Risks are Real
It’s a free, fast, and helpful one-hour session which will pay you dividends many times over in faster quotes, better reports, more in-depth research and solving all manner of minor mysteries in the quote tool.
Click on the links below to register:
Wellington - 10 September
Palmerston North - 11 September
Napier - 12 September
Hamilton - 17 September
Tauranga - 18 September
Nelson - 23 September
Christchurch - 24 September
Dunedin - 25 September
Asteron has repriced income protection and mortgage repayment cover adding about 4%, on average, to pricing for to-age 65 benefits and to-age 70.
Users of Quotemonster can access quotes on the new rates now.
Asteron Life have also updated two main policy wordings – Personal Insurance & Business Insurance.
Please note that all the improvements listed in the table below will be passed back to existing SmartLife series customers (post 2004) under their Guarantee of Upgrade clause.