Allianz Life has increased the maximum TPD cover limit for its online direct life insurance offering to consumers.
Customers can now take out up to$1.5 million TPD cover (previous limit was $1.25 million) directly with the insurer, either online or by phone, without consulting an adviser and without the need for a medical assessment (although short form underwriting is required).
Allianz says it is leading the direct life insurance market with this offer and that it is the highest limit for this type of policy that is available to the public.
The new TPD limit now matches Allianz’s maximum death cover limit of $1.5 million, and the insurer claims its premium rates for TPD cover are up to 30% below comparable products offered by its competitors.
Citing Australia’s underinsurance issue as a motivating factor for increasing its TPD maximum limit, Allianz Managing Director, Terry Towell, said “Underinsurance is widespread in the Australian community with research indicating that only 22% of Australians have life insurance and those that do are typically underinsured by an average of $460,000.”
“And the need for greater levels of insurance to protect against the risk of long-term disability is just as important as it is for greater protection against the risk of premature death,” added Mr Towel.
