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Life Assurance
Friday, August 1, 2008
Cost free enhancements

Momentum’s long-term insurance product, Myriad, has just been given new benefits and significant enhancements, especially to the income protection benefits, almost totally revamping them.

Comments Kevin Letord, Head of Myriad Marketing, “We know that this area of risk insurance is undersold due to a perceived high cost and level of complexity.” The revamp addresses these issues.
Momentum also found a way to offer a disability benefit to clients who do not qualify for the ‘own occupation definition’. “The new Myriad ADW (“activities of daily work”) disability benefit range, like all Myriad’s lump sum disability benefits, offers objective functional impairment criteria, which, together with the ADW definitions, makes it the market-leading solution in its field in terms of objectivity and transparency”.
Significant enhancements were also made to Momentum Interactive and Myriad’s future cover benefits, making the latter simpler and a more cost-effective way to ensure insurability in the future. “With the introduction of three additional ways to obtain an annual fitness discount and a guaranteed discount for Momentum Short-term Insurance drivers, it should be plain to see why Momentum Interactive is one of the big reasons why Momentum Myriad is the risk product to support”, Letord adds.
In addition, as part of Myriad’s philosophy of continuous product improvement, benefit enhancements were made to:
• functional impairment definitions – to ensure that the Myriad functional impairment benefits remain the best available in the market;
• ancillary benefit claims – by changing the method of reducing remaining ancillary benefit amounts after a claim on a ancillary benefit; and,
• certain maximum benefit amounts – were increased to enable clients to take up significant amounts of cover.

“Further good news is that with Momentum Myriad’s ‘living product’ philosophy, existing clients will benefit from all the enhancements to the income protection benefits, Momentum Interactive, the ancillary benefit claim rules, as well as the improved functional impairment claim event definitions, at no extra cost,” adds Letord. “We at Myriad strive to develop financial solutions that are comprehensive, yet simple, with much-needed certainty when it comes to claims stage. We believe that we have demystified the area of risk cover, bringing much-needed certainty and simplicity to the business.
All the new benefits, benefit enhancements and changes are effective from 4th August 2008.

Copyright © Insurance Times and Investments® Vol:21.7 1st August, 2008
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