Commonwealth Bank-owned CommInsure, in an attempt to reverse the trend away from life insurance, has moved to make life insurance cover more accessible both in terms of policy options and reducing the lengthy application processes many customers often face.
The group has introduced limited duration cover, which in some cases allows individuals with long-term medical conditions the opportunity to get insurance cover.
“Less than 1 in 5 working Australians has any form of life insurance cover. Even fewer have protected their most valuable asset — their ability to generate an income. If these people are unable to work, and if they remain uninsured, the potential impact on their family and lifestyle is staggering,” CommInsure managing director, Peter Beck says.
The group has also reduced the number of health and lifestyle questions in its Life and Income Protection policy offering in an attempt to make its offerings more understandable.
CommInsure has also removed some of the less commonly taken options such as business-specific cover, although these will still be available through a more extensive options policy.
Beck says its new style of straightforward insurance should help reverse the trend of declining life insurance take-up rates.
“We’ve really tried to make the process simpler and provide people with more options. We know there are many Australians who don’t have any form of life insurance and are extremely vulnerable. Those people need a simple, easy to understand product that protects them quickly,” he says.
