Liberty reduces rates and launches new disability products

Leading insurer Liberty has repriced and reduced rates on some of their disability benefits. “Premium rates for new business have been reduced in most instances while benefits have improved,” says Nicholas van der Nest, Divisional Director of Risk Products at Liberty.

“All qualifying existing customers have also been automatically upgraded to have access to the latest benefit definitions. The new terms and conditions are made available in addition to the existing benefit terms and conditions for these clients, on a best of both basis,” says van der Nest.

Liberty launched a fantastic new disability benefit range in May 2011. The new Whole of Life term option that is now available to customers is a market first.

“What makes it better than the current combination of benefits available in the market is that the customer is covered forever, rather than to retirement only. Customers receive uninterrupted, continuous cover that changes as their needs change. There is no risk of not being able to get cover post retirement when it is needed most and health has deteriorated to such an extent that cover is not available, or simply too expensive,” says van der Nest.

“No other combination meets this need for the consumer as disability cover is generally only available to retirement age,” continues van der Nest. The cover changes with the customer’s needs (pre and post retirement), under a single benefit. This means that the benefit is more affordable compared to the situation where the customer is insured under two separate benefits.

“What’s more, the difference in premium rates between the 65 year option and the Whole of Life option is as little as 8%. A small difference in price, but a huge difference in security,” Concludes van der Nest