Acenda Life Introduces Significant Updates to Income Protection Policies
Exploring the Enhanced Coverage Limits and Policy Adjustments
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Acenda Life has recently implemented a series of updates to its Retail Life Insurance portfolio, effective from 11 April 2026.
These changes are designed to provide greater flexibility and accessibility for Australians seeking income protection insurance, addressing common concerns about policy limitations and entry age restrictions.
A key highlight of the update is the increase in income thresholds used to determine income replacement ratios for Income Protection policies. Under the revised settings:
Coverage now provides a 70% replacement ratio for income up to $300,000, an increase from the previous cap of $240,000.
For income between $300,001 and $500,000, the replacement ratio is set at 50%, up from the prior range of $240,001 to $480,000.
Income above $500,000 is eligible for a 20% replacement ratio, subject to a maximum monthly benefit of $30,000.
These adjustments mean that individuals with higher earnings can now secure a more substantial portion of their income in the event of illness or injury, offering enhanced financial security.
In addition to the increased coverage limits, Acenda Life has also raised the maximum entry ages across multiple cover types:
Life cover is now available up to age 75 (previously 69) outside superannuation and up to age 70 (previously 69) within superannuation.
Total and Permanent Disability (TPD), Income Protection, and Business Expenses cover are now accessible up to age 60 (previously 59).
Critical Illness cover is extended to age 62 (previously 59).
These changes reflect Acenda Life's commitment to adapting its offerings to meet the evolving needs of Australians, particularly as many individuals are working later into life and require insurance products that align with their extended career spans.
Furthermore, Acenda Life has simplified its Income Protection offerings by removing the Severe Disability Terms Removal Option from its Income Assure product. This move aims to streamline the product range, making it easier for customers to understand and select the coverage that best suits their needs.
For those considering income protection insurance, these updates present an opportunity to secure more comprehensive coverage with greater flexibility. Prospective policyholders are encouraged to review the new terms and consult with financial advisors to determine how these changes may benefit their individual circumstances.
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