ANZ Wealth has expanded its OneCare product range with the introduction of Income Secure Essentials and Severity Trauma.

Severity Trauma has a three-tiered payment structure to provide a customer with 10% of the amount insured on diagnosis, 50% if their condition causes impairment and 100% if they suffer severe or permanent impairment.

“With trauma cover, a mismatch can arise between the financial support a customer receives and what they really need,” Head of Life Insurance Gerard Kerr said. “This mismatch is pushing up premiums and making cover less affordable for many Australians, which is why a tiered benefit structure increasingly makes sense to some customers.”

Income Secure Essentials is designed for customers undertaking rehabilitation, to facilitate their recovery.