Insurer ALI Group has announced enhancements to its core product offered by brokers, Loan Protection Plan.
The enhancements are based on feedback ALI Group received from national focus groups it held in 2016 with hundreds of brokers within its network, as well as a survey to Australian home owners.
The biggest change is extended cover for Involuntary Unemployment; home owners taking out ALI Group’s Loan Protection Plan can now be covered for the first five years of their policy without an increase in premiums. Previously, this cover period was for the first 12 months of the policy only.
“We are committed to improving our offering ongoing to better meet the needs of brokers and their clients,” ALI Group CEO Huy Truong said.
“As a result, we are continuously seeking ways to increase the value of our Loan Protection Plan, with improved cover whilst maintaining the affordability of our premiums for the everyday Australian,” Mr Truong said.
According to the Australia Bureau of Statistics, 53,000 full-time positions were lost in Australia in September 2016 alone. These figures, together with with ALI Group’s claims experience, compelled the company to increase the Involuntary Unemployment cover period so home buyers can have more opportunities to claim and benefit from the Loan Protection Plan.
Mr Truong said the group expects claims to increase five-fold.
ALI Group has also introduced an optional Accidental Injury Benefit, which provides up to three months of cover for disabling injuries that prohibit a person from working for more than 30 days.
ALI Group has also refreshed its brand and updated its tagline to ‘protecting home and property buyers’.
“Our mission to protect Australian home and property buyers burns deeply within all of us at ALI Group and we felt that our branding needed to evolve to better reflect this - by updating our tagline to focus on the actual home buyer, and truly put them at the heart of everything we do,” Mr Truong said.