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ClearView closes ClearChoice Super Rollover, launches trauma options

ClearView has made changes to its ClearChoice product series, including the launch of trauma options, and is closing its ClearChoice Super Rollover product.

The first trauma option, Trauma Extras covers customers for less severe events such as fractures and total joint replacements that includes shoulders, hips, knees, and ankles.

Trauma Severe Events, the second option, covers catastrophic injuries and allows for a higher benefit payment to support customers impacted by life-altering events.

ClearView group executive of product and pricing Nick Kulikov said with the new options, people can opt for less severe events or increase the amount payable under trauma for catastrophic events. "These options can also potentially be used in place of TPD, for example, in situations where certainty through objective definitions is desirable or where any or own occupation definitions are unavailable. This represents a much-needed first step towards reimagining TPD cover for today's market," Kulikov said.

Other changes ClearView introduced include the ability for customers to hold trauma cover for longer by extending the expiry age to 70, up from age 65.

Income protection waiting period definitions have also changed for all occupations.

ClearView head of distribution and marketing Kathryn Williamson said life insurers need to start thinking more creatively to meet the evolving needs of customers.

"While trauma has been front and centre in this round of enhancements, we're also looking to overcome some of the current issues with TPD such as uncertainty due to the subjectivity of assessing total and permanent disability, and the length of time it takes to assess claims," she said.

Separately, ClearView's ClearChoice Super Rollover ceases taking new monies as of today.

"From 13 May 2024, if the Trustee receives a rollover into ClearChoice Super in excess of the insurance premium, the excess will be transferred to your nominated complying superannuation fund. If you do not nominate a superannuation fund, we may transfer the money to the Australian Tax Office in accordance with relevant legislation," the insurance firm told consumers.

ClearChoice Super Rollover is a risk-only superannuation product that allows consumers to rollover money from another complying superannuation fund into it.

This provides access to life, accidental death, TPD, accidental TPD, income protection, income protection flex, and accidental income protection cover inside the fund.

ClearView's ClearChoice Super Rollover is issued by HTFS Nominees as the trustee for the HUB24 Super Fund, the complying superannuation fund.

"One of the options for paying ClearChoice Super insurance premiums is to rollover money from another complying superannuation fund into the HUB24 Super Fund (Fund)," ClearView said.

"To pay by rollover in this way, you must hold a ClearChoice Super Rollover product. Any money in excess of premiums due are retained in ClearChoice Super Rollover, where it is invested and used when the next premium is due."

Read more: ClearViewClearChoice Super RolloverHUB24 Super FundNick KulikovAustralian Tax OfficeKathryn Williamson