The major overhaul of Premier Health's Serious Condition Lump Sum add-on option included the introduction of a new Cancer Assistance Benefit which pays an additional amount of up to twice the sum insured if a non-Pharmac funded chemotherapy drug, approved by Medsafe, is recommended by a registered specialist for cancer treatment. This payment is over and above the trauma payout.
TOWER Health & Life chief executive Steve Boomert says in introducing cover for non-Pharmac funded drugs it was critical to strike the right balance between giving customers the choice to include the cover and ensuring the base product would not be vulnerable to sustainability issues.
"We are delighted that advisers both value this approach and support it through record sales of the trauma add-on option.
"It clearly indicates that they understand the long-term sustainability concern and the need for commercially sensible solutions," says Boomert.
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