Clients on the top level of IP cover will now be paid 70 per cent of pre-disability income until their cover expires. It was previously capped at 60 per cent from age 60 and is now 70 per cent through to age 65.
In addition, the Income Support Booster Option, which increases a client’s benefit amount by an additional 20 per cent for the first six months of a claim, will also be available on policies with a 90-day waiting period, in addition to the existing 30- and 60-day waiting periods.
Total permanent disablement cover will also be extended to age 70, with a change in definition at age 65.
Between June and December 2022, ClearView reported new life insurance business of $11.3 million, up 9 per cent on the previous corresponding period.