ING has announced the launch of a new direct to customer insurance proposition called EasyProtect.
EasyProtect offers customers a range of lump sum and income protection insurance that can be applied for either by telephone or online.
… many Australians find life insurance difficult to understand, and have the perception that it’s expensive
Richard Schoeffer, ING’s Executive Director of Direct Insurances, says his company commissioned its own consumer research, which identified that many Australians find life insurance difficult to understand, and have the perception that it’s expensive.
To address these issues, the EasyProtect range:
- Offers an online application process that takes less than 15 minutes
- Requires no medical tests
- Provides immediate coverage if the application is accepted and makes policy documents available online
Promoting its new product as ‘Life insurance from $1 a day’, key features in ING’s two products include:
EasyProtect Life
- Provides a life benefit of up to $1.5 million
- Cover starts at as little as $1 per day
- Simplified underwriting process and no medicals
- Online application takes 10 - 15 minutes
Easy Protect Income
Australia’s first online income protection insurance with:
- An automatic decision online for cover available for up to $10,000 per month
- A simple application process, no underwriting referrals or medicals - just 10 minutes from policy quote to policy issue
- Optional add-on TPD cover up to $500,000)
- Cover from less than $1 per day
- Wide occupation coverage and covers incomes up to $160,000 pa
“Many Australians see insurance as a ‘grudge purchase’. This attitude is concerning - insurance should be viewed as a necessary protection for your most valuable asset - your life,” said Mr Schoeffer, adding:
… we now have options that suit all key customer segments
“With the addition of the EasyProtect suite to ING Australia’s life and income insurance protection product range, we now have options that suit all key customer segments - whether through traditional distribution channels or via web and phone.
Click below for copies of the EasyProtect PDSs:
