According to a research, six in ten people with dependent children simply do not have enough life insurance to look after their families if something happened to them. In addition, this research suggests that in general, superannuation only provides people with 20 per cent of the life insurance they need.
Despite survey after survey establishing these statistics, life insurance remains complex, hard to obtain and very expensive.
Working to provide a solution to these problems, Allianz Australia launched a new Life insurance product in September 2007, enabling customers to buy more complete and higher levels of life insurance cover in just 12 minutes on average online or over the phone - something which can typically take up to eight weeks when purchased through an insurance adviser.
"What we've done" says Nicholas Scofield, General Manager Corporate Affairs at Allianz Australia "is to make it possible for people to get the Life cover they need in 12 minutes on average and at prices on average 20 to 30 per cent less than comparable products in the market*," he said.
Australians are now also able to access:
- A high cover amount (up to $1.25 million Life cover) without needing medical tests;
- Critical Illness cover (also known as trauma) online;
- 'Permanently Unable to Work cover (also known as total and permanent disablement) online;
- Fully underwritten and ready to purchase cover on-the-spot;
- Immediately issued policy documents - emailed or available via download
*Premiums of relevant direct Insurers from their websites as at 15th February 2008, based on ages 30, 35, 40, 45 and 50 years cumulative premiums.