Acenda Life Introduces Significant Updates to Retail Life Insurance Offerings

A notable adjustment is the increase in income thresholds for Income Protection policies. The revised structure now offers:

• 70% income replacement for earnings up to $300,000, up from the previous $240,000.
• 50% replacement for income between $300,001 and $500,000, an increase from the prior range of $240,001 to $480,000.
• 20% replacement for income exceeding $500,000, with a maximum monthly benefit capped at $30,000.

Additionally, the 20% Booster Option remains available for the initial six months where applicable.

Acenda has also raised the maximum entry ages across various cover types:

• Life cover is now accessible up to age 75 outside superannuation and up to age 70 within superannuation, both increased from age 69.
• Total and Permanent Disability (TPD), Income Protection, and Business Expenses cover are extended to age 60, up from 59.
• Critical Illness cover is now available up to age 62, previously capped at 59.

In an effort to simplify offerings, Acenda has removed the Severe Disability Terms Removal Option from its Income Assure product. This change is intended to streamline choices and eliminate the need for multiple cover variants associated with the option.

Further updates include extending the timeframe for converting Child Critical Illness policies to adult policies without requiring medical evidence, now available up to age 21, an increase of 12 months.

Acenda has also made general updates to product disclosure statements, including clarifications to the Cover Bounce-back feature, additional information on payment methods, and enhanced support information for vulnerable customers, aligning with broader changes in the Life Insurance Code of Practice.

These enhancements reflect Acenda's commitment to adapting its products to meet the evolving needs of policyholders, offering more comprehensive and flexible insurance solutions.