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‘Instant’ life insurance launched – first in Australia

Australian consumers can now buy up to $1,000,000 life insurance cover online, in less than 10 minutes.

SYDNEY 7 March 2007

Congratulations to Australian group, Once Australia, who today extended its on-line product range by launching ‘instant life insurance’.

The new website, launched through its subsidiary Once Life Pty Limited (https://www.oncelife.com.au) is Australia’s first website to offer instant life cover backed up by electronic underwriting, utilising the same technology as Pinnacle Life which launched a similar product last year in New Zealand.

The insurance product is straightforward and easy to understand, underwritten by St Andrews and reinsured by Hannover Re, the largest reinsurer of life insurance in Australasia.

HOW IT WORKS

The entire process from application to policy approval is fully electronic with consumers receiving their policies online, instantly.

Visitors to the simple immediate-fulfilment site are greeted by an intuitive interface, which leads them through a series of typical insurance questions regarding age, health and occupation. The process takes less than ten minutes, by the end of which full and immediate cover up to $1,000,000 is granted without the need for a medical examination, unless certain specific conditions are highlighted. You even get to see a draft of your customised policy document before you decide to buy.

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