OneAnswer expands insurance cover

ING Australia announces today that its flagship mastertrust, OneAnswer, will expand and upgrade insurance solutions to benefit both advisers and clients.

From today, insurance through OneAnswer is even more compelling. 

For advisers the maximum insurance commission increases from 22.5% pa to 27.5% pa* on both existing and new insurance cover arranged through OneAnswer Personal Super.  Importantly, there will be no increase to client insurance premiums.

1. The changes will benefit both new and existing clients with four significant changes:
2. Insurance cover becomes more flexible with increases to the maximum total and permanent disablement (TPD)  cover from $2 million to $3 million,
3. The maximum Terminal Illness benefit payable will increase from $1 million to $2.5 million,
4. Broader coverage, with TPD now including permanent impairment, loss of independent existence and cognitive loss, and
5. Expanded limited cover offered when processing an insurance application is now expanded  to include interim accidental TPD on top ot the existing accidental death cover.

OneAnswer has grown by nearly 25% in the last 12 months with substantial flows reflecting superannuation growth, the quality and choice of the investment options available, and competitive pricing.

“These insurance upgrades will make the OneAnswer platform even more compelling for advisers and clients,” said David Kan, Executive Director Personal Investments.

“We continue to enhance OneAnswer in line with adviser feedback.  Our upgraded insurance offering provides benefits to both existing and new clents without any cost increase to these clients. This is our commitment to provide value for all OneAnswer clients.

“With underinsurance such a critical issue in Australia, these enhancements will provide immediate improvement and benefits to OneAnswer clients, safeguarding their investments in the event of misadventure,” said Mr Kan.

OneAnswer continues to lead the market with superior funds, competitive pricing, performance, and insurance solutions.  A recent independent survey by Chant West has awarded the ING/ANZ OneAnswer Super & Pensions and ING/ANZ OneAnswer Select Super & Pensions with the highest “5 apple” rating for 2008.