Tower puts life online

life insurance insurance

29 September 2000
| By Kate Kachor |

Tower Life has launched what it considers the first life insurance product to be available online.

Tower Life has launched what it considers the first life insurance product to be available online.

The new product, EasyCover, is an accidental death insurance cover available on-line direct to the public.

Tower Life strategy manager, risk business, Ron Williamson says the step into e-commerce follows speculation that Australia’s life insurance industry is falling be-hind in e-commerce capabilities.

“Tower has recognised for awhile that the life insurance industry is behind the eight ball a little bit,” he says.

Williamson says the oft-quoted saying that life insurance products are too complex to provide online is a myth. He says the product is easy to access and understand.

It offers customers a number of standard survey questions for them to register such as name, address and the amount of cover the customer wants. After a customer has registered, a premium is automatically calculated for them.

There is no underwriting for the product, and customers can choose any level of cover between $100,000 and $400,000 for $12 a month, depending on the level they choose. They can pay by credit card online or pay by cheque.

Williamson says EasyCover takes life insurance advisers and brokers out of the equation for many customers, giving them the choice of immediate insurance cover.

“The public generally expect that life insurance is sold through an adviser, and that its probably all about forms and underwriting,” he says.

“By providing a product that takes away all the concerns we believe the client finds that appealing.”

Williamson says the success of EasyCover will determine any future online prod-ucts for Tower.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

6 days 2 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 5 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days 1 hour ago