ANZ has launched a direct insurance offer for the over fifties sector that it says will fill a gap in the market.
The offer, ANZ 50+ Life Cover, comprises a level premium life insurance product the company says is intended to meet immediate expenses on the death of the policy holder such as funeral costs, credit card balances and utility bills.
The level premium cover can be up to $15,000 and requires no medical tests or health questions. Other features include:
- Option of capped premiums – the maximum a policyholder pays will never exceed the total benefit paid
- Standard premium option – payments cease on the policy anniversary after insured’s 90th birthday, but client remains covered for life
- Up to $30,000 for accidental death after one year
- Premium payment pause available for up to three months during the policy period
- Life benefit is generally paid within two business days
OnePath General Manager, Insurance, Gavin Pearce, said: “ANZ 50+ Life Cover fills a gap in the market – affordable funeral and immediate post death expense cover, where premiums do not go up year on year.
In supporting this initiative, Mr Pearce says he believes “The increasingly ‘time poor’ nature of our lives will lead to further growth in the direct market.”
This direct-to-consumer product can be accessed online or over the phone.
