ING Life's Trauma Cover, well known for its pioneering Intensive Care benefit (which allows ING Life to pay full trauma benefits regardless of condition if serious enough), gets improved definitions for Cancer, Major Burns, Heart Valve Replacement and Coronary Artery Surgery as well as the addition of two conditions not currently covered in New Zealand, namely Severe Inflammatory Bowel Disease (including Crohn's disease) and Systemic Sclerosis.
TPD benefits are not ignored either as the full "own occupation" definition of disability is now available to occupation class 3, light manual workers.
ING Life's Income Cover benefit is already unique because benefits are paid monthly in advance, not arrears, now ING Life is allowing clients to increase cover by up to 10% every year without medical underwriting. While there are some limits, it is conceivable that for many clients this will mean Income Cover that grows with their earnings regardless of ill-health; a major benefit in an ever increasingly unhealthy world.
In addition, ING Life are introducing a "to age 70" Income Cover option and adding extra benefits to cover some of the costs associated by disability brought about by the need for special care and the added costs of childcare.
Getting Income Cover can be tricky for the self-employed, where a clear loss of income may be difficult to prove, notwithstanding a need for a basic level of cover. ING Life has launched a new product called Small Business Income Cover. Designed for small one to two person businesses, Small Business Income Cover pays agreed value style income protection benefits to a maximum of $3,000 per month (covering earnings of up to $65,000 PA). No proof of income is required for underwriting and the only offsets at claim time are for other benefits received for the same disability. Benefits on disability are payable to age 65, something not generally available under similar products in New Zealand.
ING Life has also introduced a new structure for its Assurance Extra, Mortgage Extra and Medical Extra product suite which will allow advisers to mix and match the whole range of ING Life personal risk benefits under one Assurance Extra product umbrella – saving the client from having to pay multiple policy fees.
To learn more about ING Life's new product enhancements, call your local ING Life Sales Manager or ING Life direct on 0508 464 543.
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