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Teachers Health Fund signs Macquarie Life
Macquarie Life will provide insurance to the 200,000 members of Teachers Health Fund, and under the agreement Macquarie Life Active will be the exclusive life insurance option marketed to fund members.
The head of Macquarie Life, Justin Delaney, said this was the first time Macquarie Life Active was being distributed through a health fund since its June launch, with more than 1,000 individuals applying in that time.
"Through Macquarie Life Active we have created what we believe is a new category of life insurance, providing ongoing benefits to the client while they are still living," he said.
Macquarie Life Active allows policy holders to make multiple claims throughout their lives, which helps them better understand the policy's benefits, he said.
"Macquarie Life Active can be a natural complement to health insurance cover and means that for end clients, like those in the Teachers Health Fund, they can understand what they are getting from their policy and the real benefit to them and their families," he said.
The product separates total and permanent disability (TPD) claim eligibility from occupation, instead basing the definitions on objective medical conditions. This move away from an 'all or nothing' approach towards tiering severity more easily matches cover to a member's financial need, Macquarie stated.
Teachers Health Fund chief executive Brad Joyce said the fund would be offering Macquarie Life Active to members through the Teachers Insurance Services joint venture with Nadic Insurance Brokers, and members will be able to access assistance from licensed advisers as required.
AUTHOR
Mike Taylor
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