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: Friday, March 29th, 10:40AM

Insurance

rss
Latest Headlines

Tower launches cover for non-Pharmac funded cancer drugs

Tower Health & Life has launched a new cover option for non-Pharmac funded cancer drugs which strikes a balance between giving customers the choice to include the cover while ensuring its base product is not vulnerable to sustainability issues.  

Tuesday, August 24th 2010, 12:17PM 1 Comment

It has overhauled its Premier Health trauma add-on option known as Serious Condition Lump Sum Option, introducing a Cancer Assistance Benefit.

This benefit will pay an additional amount of up to twice the sum insured if a non-Pharmac funded chemotherapy drug approved by Medsafe is recommended by the registered specialist for cancer treatment. This payment is over and above the trauma payout.

Tower Health & Life head of products and marketing Grant Hill says  the future cost of non-Pharmac funded cancer drugs is unknown with an ageing population placing greater demand on New Zealand's limited health dollar combined with pharmaceutical companies investing significant capital in trying to develop the next cancer wonder drug.

He says if non-Pharmac funded cancer drugs were covered under a health product's base module there would be a significant risk that it could drive much higher levels of claims' inflation.

"By extending the cover for non-Pharmac funded cancer drugs within the Serious Lump Sum add-on option, we believe we have struck the right balance between giving customers the choice to include this cover while ensuring our base product is not vulnerable to sustainability issues."

Tower has also increased the number of trauma conditions from 17 to 39 and they include Coronary Artery Angioplasty (three vessels or more), Cardiomyopathy, Advanced Dementia, Muscular Dystrophy and Parkinson's Disease.

A Children's Benefit has been introduced which pays out 50% of the sum insured on diagnosis of a defined trauma condition by an insured person's child aged between 3 and 18 regardless of whether the insured person's child is on their health policy and there is also a new Paralysis Assistance Benefit which pays an additional amount equal to the sum insured.

TOWER Health & Life chief executive Steve Boomert says these enhancements are very material and make Premier Health's Serious Condition Lump Sum Option a stand out in the marketplace.

"As health insurers come under increasing pressure to address affordability, we strongly believe that trauma cover will become more important as a logical and complimentary add-on option."

« Pre-tax change push to sell life policies helps AMPKiwis want to see own backyard before kicking the bucket »

Special Offers

Comments from our readers

On 30 August 2010 at 9:04 am beaudesert said:
Very good of Tower for finaslly waking up to the fact that the issue of Non Pharmac Drugs wont go away. Now they may stop criticising the other Insurer ING Life who have provided this benefit for many years. Also, readers need to be aware that the cover only extends to Life threatening cancer treatment, so all the many other non pharmac drugs that are not cancer realted, will NOT be covered by this policy.My advice, read the small print, I have, perhaps you should too.Having said all that,its a much better solution for Tower, clearly they were losing business in the market.
Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Partners helps fund depression recovery centre
New Whakamātūtū Wellington Depression Recovery Centre gets financial boost from Partners Life.

AIA adds cover for prophylactic surgery following cancer
AIA makes changes to policies and adds preventative surgery for several types of cancer.

Chubb appoints David Morrow as Country President for New Zealand
Chubb has appointed David Morrow as Country President for New Zealand.

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

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  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x