Upcoming changes to Terminal Illness Booster Cover
From 1 November 2020, we’re introducing some changes to our Terminal Illness Booster Cover which are intended to increase certainty and clarity. The first change is removal of the limitation of having to survive 30 days post claim notification, instead the insured person must survive 30 days from the date of diagnosis.
We’ve also changed the definition of ‘Terminal Illness’ (TI) to align with the definition of TI in our Life Cover
Terminal Illness Booster Cover – the new cover wording will apply to all cover issued from 1 November 2020. The new cover wording will be available on Adviser Hub from 1 November 2020. For those using Apollo web, it’ll be automatically updated for you. If you use Apollo desktop the new wording will be available after the December release.
Changes in detail
The following will be removed:
Limitations
If death occurs to an insured person within 30 days of the date of notification of the claim under this Terminal Illness Booster Cover or if the insured person survives that period or part of that period solely as a result of being dependent on life support systems, then no payment will be made under this cover for that insured person unless the insured person survives 30 days after the life support systems are removed. We will not pay a claim if you notify us after the date of the death of the insured person.
And instead the words in italics added to the Benefit section:
If an insured person is:
- diagnosed with a terminal illness, and
- survives for at least 30 days after the date of diagnosis of terminal illness without the use of a life support system,
we will pay the Terminal Illness Booster Cover sum assured. The sum assured is 25% of the life assurance sum assured up to a maximum of $500,000.
The definition of terminal illness also changes to:
An illness where, after considering the current or future treatment the insured person would be reasonably expected to receive, he or she is likely to die within 12 months. The specialist medical practitioner treating his or her condition must certify the diagnosis and prognosis of the terminal illness. Another specialist medical practitioner nominated by us must confirm the diagnosis and prognosis.
This is the same TI definition used in our Life Assurance Cover.
For any claims on Terminal Illness Booster Cover arising after 1 November 2020 for an existing customer, their claim will be assessed on the basis of whichever wording is more favourable for your customer.
