PINNACLE LIFE today claimed another world first… Serious Illness Cover… now available as a fully underwritten product instantly online.
Serious Illness Cover is a straightforward insurance policy that pays a cash lump sum if the insured person suffers a defined serious illness condition.
The four serious illness conditions covered under PINNACLE LIFE’s new product are heart attack, cancer, stroke and heart bypass surgery. Cover up to $250,000 can be purchased immediately online, without a medical.
The policy is applied for and issued online in the same way that existing Life, Mortgage and Funeral products are offered on the PINNACLE LIFE website. The buying process from application to policy issue is fully automated using advanced electronic underwriting software. The rules-based underwriting is fully supported by reinsurance giant Hannover Life Re of Australasia.
The entire application process takes less than 10 minutes after which consumers can see a draft version of their personalised policy document before committing themselves. On payment, consumers are emailed their policy document instantly.
Whilst Serious Illness cover is designed essentially for the under-45 consumer, it is available online to anyone aged 20 to 59.
Buying a Serious Illness policy is now as straightforward as buying an airline ticket… maybe even easier!
Today’s ‘instant serious illness cover’ follows the launch of instant Life Cover, instant Mortgage Cover and instant Funeral Cover by PINNACLE LIFE over the past 18 months.