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Momentum launches new benefits and significant enhancements to the Myriad product offering

15 July 2008 Momentum Myriad

Myriad: No limits

Myriad, Momentum’s award-winning long-term insurance product, just announced exciting new benefits and significant enhancements to their product offering, hereby ensuring that the Momentum benefits remain the best-of-breed, and creating major selling opportunities for intermediaries. “We at Myriad strive to develop financial solutions that are comprehensive, yet simple, with much-needed certainty when it comes to claim stage”, says Kevin Letord (pictured) Head of Myriad Marketing at Momentum.

The most significant enhancements were made to the Myriad income protection benefits, almost totally revamping them. “We know that this area of risk insurance is undersold due to a perceived high cost, and the level of complexity, and resulting uncertainty associated with income protection benefits. We believe that we have demystified this area of risk cover and now bring true and much-needed certainty and simplicity to it - giving new meaning to the term “new generation benefits”, explains Letord.

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, also 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. “Momentum Interactive is going from strength to strength and 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”.

All the new benefits, benefit enhancements and changes are effective from 4 August 2008.

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