A key change is an increase of the total and permanent disability maximum sum insured for up to $5 million for white collar professions.
Some high-income earners can now also secure more flexible disability income insurance, with the option to insure for up to $40,000 payable for the first two years of a claim.
This is coupled with longer-term benefits, payable to age 65, of up to $30,000.
Macquarie Life head Justin Delaney said the enhancements increased the flexibility of the products for advisers and their clients by removing some of the set rules to accommodate different circumstances.
"Traditionally the insurance industry has been seen as fairly rigid in its approach to many issues, such as how policies are put together and, importantly, how they are paid out," Delaney said.
"We strongly believe the industry needs to evolve into something more flexible to successfully cater to the needs of Australians and help overcome the significant underinsurance problem.
"Not all clients fit into the pigeon hole the industry creates for them and that's something we really need to address."
