tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, October 1st, 9:48PM

Insurance

rss
Latest Headlines

ING Life considers new baby

ING Life is looking to provide an add-on to its trauma policy which provides women with a lump sum payment if they give birth to a child with various birth defects. Its Australian sister company launched such a policy this week and has received a huge amount of publicity.

Thursday, May 1st 2008, 5:47AM
ING Life's New Zealand managing director Naomi Ballantyne said she has been surprised at the amount of publicity. She says ING Life in New Zealand will watch the take up rates in Australia before making a decision to launch a similar product in this country.

She says ING Life is always looking for new products and it has the "luxury" of watching what happens in Australia before making a decision here.

The "baby policy" covers 15 conditions including birth defects, complications and death before the end of the year.

It will be an add-on to trauma policies and will cost around $30 a month (for a 30 year-old) and provide a lump sum payment of $50,000.

The add-on has to be taken out 12 months before the woman became pregnant and runs until the child is two years old to allow time for any congenital defects to be detected, Ballantyne says.

Women who were already pregnant would not be able to take out the policy.

While the policy provides cover for defects such as spina bifida, there is no genetic testing required to check the risks of policyholders.

Ballantyne says there are a couple of additional questions people have to answer in the proposal form, but these tend to be questions about previous pregnancies.

Ballantyne says trauma makes up about 20% of ING Life's book and half those people are women.

While there has been some criticism of the policy, Ballantyne stands by it: "I can't see how it could possibly be a bad thing," she says.

One part of the criticism is that such a policy focuses on issues people don't like to discuss.

But, as Ballantyne says: "These things happen."

« AXA reports strong group risk salesWanted: Chief Executive for health company »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

AIA reveals grant winners
AIA has revealed the financial advisers and advice businesses that will be given financial backing for their community initiatives.

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com
x