2 Comments 2 Commentsby Paul McBeth
Dorchester Life has continued its roll-out of new products with a new life insurance policy that asks six basic health questions and will cover pre-existing conditions if the company has been advised in writing.
Called SimpleLife, the new policy has a maximum cover level of $250,000 and offers interim accidental death cover, accelerated funeral advancement, terminal advancement benefit, and an option to increase cover in certain events.
"We think it will fill a gap in the market that is currently untapped - mainly because most of the other products out there are just too complicated for many people to purchase," said chief executive Henry Lynch. The simple terms mean "advisers don't have to jump through hoops going backwards and forwards to their clients with numerous medical follow-ups and test requests from the insurer."
The policy follows the same vein as last month's Stop-Gap product - a simplified income protection.
DorchesterLife is offering its customers the option of fortnightly payments on SimpleLife's premiums, along with the traditional monthly and yearly options. Annual payments receive a 10% discount, as do joint applications.
The product is backed by German re-insurance company Hannover Life Re.
Paul is a staff writer for Good Returns based in Wellington.
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