Cigna tweaks non-medical limits
Cigna New Zealand (Cigna) has announced the release of new non-medical limits for its Assurance Extra and Business Assurance product suites.
Thursday, July 2nd 2020, 11:04PM
Gail Costa
“We recognise the process of getting medical tests when applying for new policies can be time consuming for advisers and their customers,” said Cigna New Zealand chief executive Gail Costa.
“Our new non-medical limits reflect our commitment to looking out for our customers by making it easier to get cover without having to undergo medical tests with a doctor, resulting in faster and more streamlined processing through underwriting.”
The new limits are active and will also be applied to new business currently in underwriting.
Chief operating officer Debbie Eyre said the new limits added an additional $500,000 to people aged up to 45 taking the new limit to $2.5 million.
Half-a-million was also added to the limit for clients aged 46 to 50 and $250,000 for people aged 51 to 60.
She said advisers wanted to make it easier for clients to get the insurance they needed and when medical tests were required it could take time.
The changes should help to put cover in place as quickly as possible, she said.
Most clients had policies issued on non-medical terms, she said. Only 15% had mandatory medical underwriting – and 50% did not proceed once that information was sought because of the effort required to complete.
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