PINNACLE LIFE today claimed another first in NZ… Cancer Cover… now available as a fully underwritten product instantly online.
Cancer Cover, as explained in this Stuff article, is a straightforward insurance policy that pays a cash lump sum if the insured person is diagnosed with cancer… simple as that!
With the purchase of a Cancer Cover policy, Pinnacle Life will donate the first three monthly payments to either the NZ Breast Cancer Foundation or the Prostate Cancer Foundation of NZ (depending on the gender of the person covered by the policy).
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 on-line underwriting is supported by reinsurance giant Hannover Life Re of Australasia.
The entire application process takes less than 10 minutes after which applicants can see a draft version of their personalised policy document before committing themselves. On payment, consumers are emailed their policy document instantly.
Whilst Cancer Cover is designed essentially for the under-45 consumer, it is available online to anyone aged 20 to 59.
Buying Cancer Cover 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.
See also Stuff article here.