InsuranceLine, Australia’s largest direct insurance provider has launched Income Protection Plus, a product which promises to bring simplicity, flexibility and affordability to the Australian income protection market.
The new product called Income Protection Plus will offer applicants the choice of a Rate Saver or Time Saver plans. The Rate Saver product is designed for people who have the time to answer detailed health and lifestyle questions in return for more features, including higher cover, lower premiums, shorter waiting periods and longer benefit periods. InsuranceLine expects the Time Saver product to appeal to those people who want cover but without spending the time to answer lengthy questions upfront.
Income Protection Plus features the option to extend cover to stay at home mums and dads, providing up to $3000 per month in the event they are unable to perform their regular duties around the home. Additionally this will cover people working in sectors such as mining and resources who may have previously found it difficult to obtain cover.
Historically many income protection products have excluded stay at home mums and dads and those working in an industry such as mining and natural resources.
It will also offer policyholders involuntary redundancy cover which provides three monthly payments of up to $3,000 in the event a policyholder loses their job. The cover on the new product also extends to SME owners should their business be declared insolvent.
John Hoyle, CEO of InsuranceLine, commented: “For too long there has been a one-size-fits-all approach to income protection in the direct insurance market and we think it’s time to give people greater flexibility to choose the level of cover and the features and benefits that best suit their needs.
With all the health issues and risks today, InsuranceLine is providing access to this important protection for more Australians. This new product is innovative and responds to the changing needs of consumers. We know that it is important for people to be able to make promises to their family to protect and provide for them in all eventualities and this new product enables Australians to do just this.”
