When Pinnacle launched in May 2007, its limit was $500,000. "Our limit came under pressure with increasing numbers of consumers seeking the convenience of instant cover for yet larger policies," said Saul. They responded with $800,000, available "with the click of a mouse."
Applicants are led through a series of typical insurance underwritten questions covering their health, lifestyle, occupation and pastimes. Those with no indicated health risks can complete the process – from quote to policy document – in less than 10 minutes.
Saul believes their increased limit enables them to compete more readily with the more traditional paper-based products.
Pinnacle Life's $800,000 limit is backed by Hannover Re, the largest re-insurer of life-risk products in Australasia. Hannover Re endorses the 60% increase, reflecting their confidence in the quality of Pinnacle's online system.
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