Funeral Insurance Press Release

InsuranceLine vows to shake up the funeral insurance industry

The new funeral insurance policy features:

  • Level premiums for life, that are guaranteed never to increase
  • Capped premiums – once the capped amount has been reached, funeral insurance cover continues for free
  • Lifetime protection promise – customers who have held their policy for five continuous years will leave their beneficiaries eligible for a payout even if the policy is cancelled

Sydney, June 24, 2013:  InsuranceLine has today launched a new highly customer focused funeral insurance policy and thrown down the gauntlet to the funeral insurance and prepaid funeral sector with a product that it says will shake up the market and set new standards for the industry.

 

It offers significant benefits for many people compared to both existing funeral insurance offers and prepaid funerals.

 

InsuranceLine, Australia’s number one choice for direct life insurance backed by Australia’s leading specialist life insurer TAL, has announced that the new product will make level premiums, which don’t increase with a customer’s age, the new industry norm - guaranteeing customers that premiums won’t increase for the life of the policy, unless the policyholder chooses to make changes to their policy. InsuranceLine is one of just a few companies in the market to offer only level premiums on new funeral insurance policies.

 

Under the new policy, all policyholders benefit from capped premiums so that once the capped amount has been reached in premium payments, funeral insurance cover will continue for free. Funeral insurance customers can choose to cap their premiums at 100% of the amount of cover provided by the policy.   The limit on premiums means customers can choose exactly how much they’re prepared to pay over time for their funeral insurance cover.

 

A key benefit over funeral plans and prepaid funerals is a person can still claim on their funeral insurance long before a person may have accumulated in savings the same amount as the insurance cover payout.

 

The new policy also features the option of a Lifetime Protection Promise.  This means that if a policy holder has maintained their funeral insurance policy for five years and paid premiums when they are due, beneficiaries are eligible for a partial payout on the later death of the insured person even if the policy has been cancelled or if the policyholder stops paying their premiums.   

 

TAL Group CEO and Managing Director Jim Minto said:“We listened to customers and we have responded with a market-leading product that sets high standards for the industry. We heard that level premiums which don’t increase with age and a cap on the amount people pay for cover are important and we’ve made this the norm.”

 

The new funeral insurance from InsuranceLine also gives customers the option of choosing an amount of cover between $2,000 and $15,000 and policyholders are able to obtain immediate cover for accidental death, with cover for any other cause of death after 12 months.

 

InsuranceLine paid out more than $38.4 million in the last 12 months in funeral insurance claims alone, usually within 24 hours of receiving completed claim requirements.  This new product will maintain the same high standards of service and respect when dealing with grieving families.

 

Mr Minto continued: “We’ve been developing this product for a long time and are very confident that it will bring peace of mind protection to millions of Australians who do not have readily available funds to cover the costs of a funeral.”

“Our core belief is that every Australian has the right to be protected by insurance and this should be an affordable part of everyday life. No one knows when they’re going to need a funeral; but with funeral insurance cover, loved ones who are not in a financial position to pay for a funeral upfront will receive the financial assistance they need, even if only a fraction of the benefit has been paid in premiums.”

“By being prepared and having the cover of an insurance policy, you allow your loved ones the time they need to grieve without the need to deal with unexpected expenses.  With claims paid within 24 hours of InsuranceLine receiving claim requirements, funeral insurance ensures beneficiaries have quick access to cash to send their loved ones off in the style they desire and with the dignity they deserve.”

For more information or to arrange an interview, please contact:

Stuart Snell 02 9448 9879/0417 921 235 stuart.snell@tal.com.au

About InsuranceLine 

InsuranceLine is the number one provider of direct life insurance in Australia. InsuranceLine’s philosophy is that everyday Australians have a right to protect themselves and their families with life insurance products that are relevant to them.

InsuranceLine is part of TAL, which is Australia’s major specialist life insurer.