Asgard has announced an upgrade to its life insurance offer – Asgard Personal Protection Package (APPP). The upgrade includes new online tools, and product enhancements including the introduction of a new Mortgage Acceptance Cover feature.
Head of Product, Kelly Power, said Asgard’s partnership with AIA Australia offers advisers a comprehensive and competitive insurance product.
“The enhanced Asgard Personal Protection Package (APPP) means a better product and more efficient process for advisers when it comes to the crucial element of life insurance in their client’s financial plan,” she said.
Ms Power added she was particularly excited about the new Mortgage Acceptance Cover feature, which covers the borrower by offering life and/or TPD cover of up to $500,000 for clients who apply within 30 days of receiving their home loan approval.
“This means eligible clients will be able to get all the features and benefits of the Life and/or TPD insurance cover quickly and simply, with no underwriting, no premium loading – no matter which financial institution is the loan provider.”
In addition to the new feature, Asgard has enhanced the terms and conditions for insurance within super with a range of features and benefits including:
- New takeover terms of up to $2m Life and TPD cover and $20,000 monthly benefit for Income Protection and Salary Continuance, regardless of when the insurance policy was last underwritten
- New short form limit for Life and TPD that has increased to $1.25m with a $10,000 monthly benefit for Income Protection and Salary Continuance
- Increased maximum cover limit to $60,000 monthly benefit for Income Protection and Salary Continuance, which is available to any occupation rating and with no loadings for the higher limit.
The enhancements are supported by what the company describes as a more efficient online application process.
“Advisers will have access to an instant quote tool that generates a range of insurance options and premiums, as well as improved tracking tools including immediate notification when the client’s application has been approved or referred for underwriting,” Ms Power said.
“These enhancements, coupled with an improved process for service delivery times, means Asgard can better support advisers with an improved product offering that meets their client’s risk needs and a process that frees up adviser’s time,” she added.
