Online initiative to close insurance gap

In an effort to encourage and enable Australians to take out adequate life insurance, Zurich Financial Services Australia has added income protection cover to its online application service.

This latest addition to Zurich’s low-cost, signature free service, Ezicover, comes just days after the Investmentand Financial Services Association (IFSA) released a ‘headland’ statement detailing the need to raise public awareness of the importance of life insurance and make associated products more accessible and affordable.

Ezicover, which was launched in July last year, already featured term, trauma and needle-stick cover. It can be accessed via the websites of Ezicover distribution partners, which include various dealer groups, credit unions and health funds.

Zurich head of life risk Andrew McKee said the service was targeted at middle-market Australians, many of whom are severely underinsured and struggling with hefty household debt.

“Although many Australians are struggling financially, they do need to bear in mind that the two most important assets they need to protect are their potential future incomes and their families.

“[The Ezicover range of services] are designed to provide adequate financial protection to tide individuals and their families over the difficult times.”

IFSA’s headland statement, “Securing Australians’ Financial Wellbeing”, outlined the social and economic impacts of Australians’ underinsurance and urged providers to make their products as cost-effective and user-friendly as possible.