Support for simple products
Insurers say there has been strong demand for products that require no underwriting.
Monday, July 11th 2016, 6:00AM
by Susan Edmunds
Nib has been promoting its product, EasyHealth, with a premium discount of up to 20 per cent to new clients.
It offers up to $300,000 surgical cover per person per year and $200,000 of medical cover.
A nib spokeswoman said the response to the product had been much better than expected. “It’s easy for advisers to deal with. The conditions are assessed at the time of the claim and it cuts down on all the work.”
Meanwhile, Sovereign recently launched Simple Life via its adviser channel as well as direct to consumers online.
It relies on exclusions including any pre-existing conditions in the past five years.
Some advisers market it as suitable for people who do not have time to spend on an application process or who just want cover arranged quickly. The premiums are higher than for underwritten products.
A Sovereign spokeswoman said the product had been well-received. “To date, feedback from partners and customers has been positive as a product that allows the customer to self-serve and get cover quickly online. The loan and rent cover are also proving popular benefits – common areas of younger Kiwis lives that they often need to cover the risk of.”
She said Sovereign had an ongoing focus on reaching a younger audience and helping lift insurance levels. It was possible that those who took out Simple Life could end up moving on to advice-based products.
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