Adviser products shine

Naomi Ballantyne

Life insurance has been in the news this week after it was revealed that a number of the major banks were reviewing their policy wordings, particularly related to the definition of a heart attack.

Commonwealth Bank of Australia, parent of ASB, earlier this year came under fire when it turned down a claim from a man who died of a heart attack and was resuscitated.

It would not pay out because the level of a hormone called Troponin in the man's body had not reached a level required in the policy wording. The resulting outcry led to an apology and a review of the policy.

But products sold in New Zealand by ASB, Westpac and ANZ still have that same wording and would decline a patient in the same situation. Those policies are under review.