Macquarie Life Active

Macquarie Life Active is an exciting new alternative to traditional insurance products.

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.

  • Greater breadth of cover – more medical conditions covered mean fewer gaps and greater financial security for your client.
  • Benefit payments that make sense – the more severe the condition, the higher the benefit.
  • Ability to make multiple claims – a reduced amount of cover remains in place after a claim and can provide ongoing cover for future health events.
  • Pricing efficiencies passed on – providing an integrated product and severity based benefits means that our premiums can often be 20-30 per cent lower than traditional packaged life, TPD and trauma.
  • Delinks TPD claim criteria from the client’s occupation.
  • One simple, single solution – there’s only one product to explain and it is less likely that your client will trade off one benefit for another.

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. 

Marketing Resources

We know that helping clients select the cover they need can be easier with the right support.

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.

Tools

Active body - a client facing interactive guide to Health Events

Campaign resources

Case study: Macquarie Life Active Claims Process

Macquarie Life Active Claims Process

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;

  • your clients’ claims will be processed as fast and efficiently as possible
  • clear objective definitions are in the PDS so your clients can discuss this with their doctor
  • the respective doctor will be sent the definitions at the time of claim
  • the treating doctor will be sent specific claim forms for the disease or disorder from which the claimant is claiming.

A comparison of the claims process:

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:
- unable to lift anything heavy
- unable to do any physical work
- decreased appetite due to narcotic medication
- pain on breathing
- a comment made that “it is not a question of the client returning to work, but his longevity’

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%
Surgery with ongoing pain – WPI 14%
Lateral flexion right – 5° - 5% WPI
Lateral flexion left – 4° - 5% WPI
Straight leg raising right –10° - 8% WPI
Straight leg raising left – 15° - 8% WPI
Rotation – right- 10° - 2% WPI
Rotation – left - 11° - 2% WPI
Lumbar extension –2° -7% WPI
Lumbar flexion - 5° - 3% WPI

No sensory deficit and no bladder or bowel involvement

TOTAL WPI = 62%

Assessed under ‘loss of musculoskeletal function” as manual occupation:
- WPI >60%
- Can’t perform more than 2 occupational duties
- Can’t earn an income

Outcome:

TPD claim – valid

Outcome:

Health events – valid
Severity A under Musculoskeletal system

The process under traditional TPD cover

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.

The Macquarie Life Active process

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.

The difference?

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.

Case study 2: Macquarie Life Active in action

Macquarie Life Active in action

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.

A case study in comparisons

Name: Tim
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.

Traditional policy, adverse experience

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.

Active cover accelerates claims process

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.

The difference?

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.

Introducing Macquarie Life Active Body

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.

  • The interactive Health Events table allows you to demonstrate how severity-based claims are calculated.
  • User-friendly visual examples of human anatomy and pathology demystify medical terminology.
  • Animated case studies explain terms and conditions, making it easier for your clients to understand the relationship between Health Events, claims and the benefits we will pay.

The Life Active Body application is also available to download for free from the App StoreSM or Android Market.

Hear all about

Macquarie Life Active Body 
from Dr Sally Phillips

Sally Phillips

Contact us 

Speak to your
Macquarie Life BDM
or call 1800 005 057