St George has today rolled out to financial advisers a revamped version of the insurance product, Asgard Personal Protection Plan (APPP) on its Asgard platform.
"We believe we've dramatically improved insurance premium rates to make them much more competitive in the market environment," St George general manager product wealth management Dean Thomas said.
"We've also changed some of the terms and conditions to give clients the benefits of higher blood limits in relation to circumstances where they'd need to get more blood tests done and also in regard to the effect of trigger events on the policy," he added.
Advisers can access the APPP for clients through investment products where insurance cover provided includes life, trauma, business protection and income protection.
Planners can also arrange cover for clients through superannuation where only death, total and permanent disability and salary continuance insurance is offered.
The enhancements have not resulted in increased premiums.
While the APPP product has been revised, the application process remains paper based.
Thomas said a second stage of changes is being developed that will cater for electronic applications aimed at speeding up approval procedures.
He said the improvements to the APPP are in response to adviser demands for a better insurance product.
"Realistically the product we had on offer hadn't been updated for about five years and the market had moved quite substantially in that period of time," Thomas explained.
The revised product will be available to advisers via the AdviserNetgain practice support software application or via the Asgard platform.
