TAL-owned direct insurance provider, InsuranceLine, has launched a new direct income protection product which allows customers to choose between a lower premium rate or a faster application process.
The new offer, called Income Protection Plus, is available as either a Rate Saver plan or Time Saver plan. Customers who select the Rate Saver plan have access to a wider range of features, higher cover limits and longer benefit periods, but are required to answer detailed health and lifestyle questions. For those consumers who are time-poor, the Time Saver plan offers insurance without the need to complete a lengthy questionnaire. Instead, the cover has a Pre-Existing Condition clause, and health questions are asked at the time of claim.
For too long there has been a one-size-fits-all approach to income protection in the direct insurance market…
The Rate Saver plan offers a maximum sum insured of $10,000 per month, or 85% of income, with a choice of benefit periods and waiting periods. The Time Saver plan is available for cover up to $7,500 and offers a 28 day wait.
In addition, policyholders are eligible for $3,000 per month for three months if they are made involuntarily redundant, or their business is declared insolvent. Customers can also choose to add additional covers to their policy, such as a homemaker benefit for stay-at-home parents, child injury cover, and permanent disability cover.
According to InsuranceLine’s John Hoyle, the product has been developed to meet the changing needs of consumers.
“For too long there has been a one-size-fits-all approach to income protection in the direct insurance market and we think it’s time to give people greater flexibility to choose the level of cover and the features and benefits that best suit their needs,” Mr Hoyle said.
“With all the health issues and risks today, InsuranceLine is providing access to this important protection for more Australians.”
