It provides a comprehensive all-in-one insurance solution. With severity based benefits, broader coverage, and the ability to make multiple claims, Macquarie Life Active is a product that aligns to the needs and expectations of your clients.
With Macquarie Life Active, advisers are already finding it easier to promote the importance of life insurance.
For the sixth year in a row, Macquarie Life has been awarded a five star rating in the Beaton Benchmarks – Life Insurance Intermediaries Study, an industry first.
That is why we have developed a complete range of new marketing tools for Macquarie Life Active, so you can recommend this revolutionary style of life insurance to your clients with confidence.
When your client needs to make a claim, we understand their ability to access financial support is paramount.
We have developed Macquarie Life Active to ensure;
Name: Warwick, a 30-year-old boat builder
Existing Cover: TPD own occupation
Situation: Warwick was lifting heavy materials, felt a ‘pop’ in his back and was subsequently diagnosed with a burst fracture in his lumbar spine. After three months of treatment he went back to work, but he was still in pain. Not long after returning to work Warwick felt the same ‘popping’ sensation after doing heavy, manual work.
Further diagnosis showed he had ongoing inflammation in the vertebral body, which did not respond to treatment, Warwick was unable to work and was suffering ongoing, severe back pain.
|FutureWise - TPD own occupation claims process||Active Health events claims process|
PMAR’s from his endocrinologist, neurosurgeon and then referral to an IME (Independent Medical Examiner).
IME report showed minimal back movement in the lumbar spine due to inflammation of the vertebral body and comments that:
Medically – severe ongoing back pain non responsive to therapy. Poor prognosis
Occupation – own occupation – boat builder with > 80% duties involving manual work
Claim under Musculoskeletal system
Back protocol sent to treating neurosurgeon (one report) to complete:
Lumbar spine fracture –WPI 8%
No sensory deficit and no bladder or bowel involvement
TOTAL WPI = 62%
Assessed under ‘loss of musculoskeletal function” as manual occupation:
TPD claim – valid
Health events – valid
After nine months there was little expectation of recovery in the immediate term, so Warwick made a TPD claim. After going to see an endocrinologist and a neurosurgeon he was referred for an IME.
The whole process took several weeks and eventually the claim was declared valid.
Under a Macquarie Life Active policy, only one report would have been required to be completed by the neurosurgeon and Warwick would have immediately fulfilled the Macquarie Life Active criteria for a severity A musculoskeletal claim. His claim would have been paid as soon as the neurosurgeon’s report was received.
With Macquarie Life Active there is often no need for multiple consultations with doctors and specialists, reducing the stress on the client. Plus using Macquarie Life Active’s tools Warwick’s neurosurgeon was directed to ask the right questions to expedite the claim. Also, unlike traditional TPD claims, there was no need for an IME to assess the validity of Warwick’s claim. The result was a much smoother process for both Warwick and his adviser.
Disability is a sensitive but critical subject to discuss with clients. And one form of disability often overlooked yet increasingly common is depression, impacting around one in five of us . If a client of yours is affected, Macquarie Life Active can make claiming a simpler, faster and better experience for both of you.
Receiving a benefit becomes easier for clients, because our approach is based on how serious their health or medical condition is – not ‘all or nothing’ definitions. And to help you have empathetic and successful conversations with clients under such challenging circumstances, we’ve developed a range of materials, including our new Macquarie Life Active PDS.
To demonstrate the difference our new product makes we’ve compared how the same claimant experiencing depression fares under Macquarie Life Active versus a standard TPD policy.
|Status:||48-year-old accountant earning $200,000 per annum. Married with two children under the age of five (one deceased), mortgage valued at $240,000 with no other debts. His wife takes care of the children at home.|
|Existing cover:||Standard TPD policy (own occupation) with cover of $3,000,000.|
Tim suffered an episode of severe depression and was hospitalised two years after his eldest son drowned while in his care. Although he resumed work after improving briefly, Tim relapsed and for the past nine months has been unable to leave home or even talk on the phone. His prognosis is poor.
Tim’s claim this year, under his standard TPD (own occupation) cover, was valid, meaning his family can meet their mortgage repayments and medical bills, and make the necessary lifestyle changes his illness demands.
Under the traditional TPD claims model, Tim’s psychiatrist states (by a Personal Medical Attendants’ Report) that with correct therapy, he could possibly keep working from home.
His insurer then requests an Insurance Medical Exam (IME). Tim worries his psychiatrist has concluded he is not disabled and his disability claim will be denied as a result.
After the IME however, Tim’s psychiatrist reports he is not communicating or functioning – and therefore won’t be able to work in any environment in the near future, or possibly long-term.
Under Macquarie Life Active, Tim’s psychiatrist reports (by a specific form sent to his psychiatrist asking specific key information about his condition) his failure to communicate and leave home despite therapy.
Tim immediately fulfills the Active claim criteria under the body system: brain and nerves category, given he meets the ‘total lack of social interaction’ requirement. His claim is paid as soon as the initial doctor’s report is received.
His psychiatrist could access the right questions to ask Tim, match him to the relevant health event and expedite his claim.
Importantly, unlike traditional TPD claims, an Insurance Medical Exam is rarely needed to assess a valid claim under Macquarie Life Active – making the entire process easier and more efficient all-round.
This is what insurance should be about.
The Macquarie Life Active Body online application revolutionises product education. Using Macquarie Life Active Body, advisers are already finding it easier to promote the importance of life insurance.
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