ANZ Wealth NZ managing director John Body said it was the insurer's most significant product enhancement in three years.
“The market has evolved over the last couple of years. We want a product that is close to the best in the market, if not the best. We had a few gaps,” he said.
Body said the changes would give customers the comfort that their income level would remain in line with their existing lifestyle and commitments.
Body said OnePath Life was also introducing a range of new features to enhance its existing products, including substantial refinements to its Assurance Extra Mortgage Repayment Cover.
“We want customers and advisers to have full confidence in the product.”
The market was competitive, he said, which was a benefit for consumers because it encouraged insurers to offer products with more features.
“Many customers that are taking on a sizeable mortgage for the first time want to be able to meet their mortgage payments, at an affordable premium. A key focus while enhancing our Mortgage Repayment Cover has been to stay true to this purpose rather than adding a lot of extras. It’s more important to our customers that this cover remains affordable – in fact, the pricing for our basic Mortgage Repayment cover will be hard to beat.”
From December 8, OnePath Life will offer:
• New Loss of Earnings Cover based on 75% of the actual lost income, suited to customers with a stable income.
• New Loss of Earnings Ultra Cover which provides additional flexibility for people on fluctuating incomes.
• New Redundancy Cover for people wanting to match their income cover or mortgage repayment cover for up to $4000 per month.
Enhancements to the Mortgage Repayment product include:
• Covering up to 115% of mortgage repayments
• Ability to increase cover in response to an increase in interest rates (without further health evidence)
• Customers will now be able to add on a Deluxe option with more product features
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