TAL launches online cover upgrade
Life insurance company, TAL, has introduced a service that allows clients to upgrade their insurance cover online, without the need of underwriting.
The service, ‘Cover Upgrade Express', lets clients increase their life insurance, total and permanent disability (TPD) insurance, and critical illness insurance through a feature called Guaranteed Future Insurability.
According to TAL general manager, retail distribution, Niall McConville, this was an industry first initiative and an easy way for advisers to look after their existing clients in an efficient way.
It eliminates the need for paperwork and notifies clients of their eligibility at policy renewal time, at which time they can upgrade without having to provide evidence of health or pastimes, McConville said.
He added that advisers could decide which of their clients would benefit from the service, as the self-directed model might not be right for everyone.
The service will be available for customers under the age of 55, and is part of the TAL Commitments initiative launched in July last year.
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