ING launches upgraded OneAnswer insurance offer

Responding to the Australian underinsurance crisis and adviser feedback for a more holistic insurance offer, ING today announced a range of new flexible life insurance options linked to OneAnswer Personal Super.

ING’s leading insurance product OneCare Super can now be funded through OneAnswer Personal Super. OneCare Super provides OneAnswer clients with access to a comprehensive range of insurance cover and payment options.

“Most Australians are quick to insure their home, but neglect to insure their wealth,” said George Lytas, Head of Product, Personal Investments, ING.

“OneCare Super’s flexible life, total and permanent disability (TPD), income protection, and extra care cover options funded from OneAnswer Personal Super gives our clients that extra incentive to consider adequate levels of insurance cover.

“The benefit of paying for insurance via super is its tax effectiveness. Generally the tax on contributions used to fund OneCare Super premiums is offset by a deduction for the premium – effectively meaning no tax is paid.

“It also gives our clients cash flow flexibility because premiums can be funded via an accumulated super balance. This means the risk of policies lasping and clients not being covered is greatly reduced.”

For advisers the combination of OneCare Super and OneAnswer Personal Super provides a streamlined super and insurance product solution and a range of remuneration structures to suit their business needs.

“These insurance upgrades to OneAnswer Personal Super respond directly to adviser feedback about insurance accessibility, flexible options, and tax-effective payment options,” said Mr Lytas.

“The underinsurance statistics are frightening – more than 70 per cent of working Austalians have no income protection insurance and only 55 per cent have life insurance  - these additions and upgrades to the insurance offer though OneAnswer Personal Super will make it easier and more attractive for people to take up extra insurance cover.”