Investment
Insurance
Superannuation
Monday, 16 November 2009
ING Australia today launches EasyProtect, a range of life and income protection insurance that offers comprehensive cover for less than $1* a day, with the ease and convenience of purchasing online or over the phone.
“With EasyProtect, ING Australia is providing a range of life, major illness and income protection that is affordable and easy to apply for, whether online or over the phone,” said Richard Schoeffer, Executive Director of Direct Insurances.
The online application process takes less than 15 minutes, requires no medical tests, and if accepted the cover is immediate with the policy documents available online.
“Underinsurance is a critical issue as the majority of Australians have little or no life or income protection cover,” said Mr Schoeffer.
“EasyProtect makes the application process simple and easy. ING’s own consumer research has identified that many Australians find life insurance difficult to understand, and have the perception that it’s expensive. This attitude leads to inertia, and further compounds Australia’s underinsurance problem.
“At less than $1 a day and only 15 minutes to apply for, there is now no excuse to not have adequate life, major illness or income protection insurance.”
EasyProtect is aimed at making the life insurance application a simple and straightforward process for customers who might ignore life insurance altogether, or wrongly assume that savings, superannuation or social security will provide adequate protection.
ING Australia’s research has found that a sector of the population is unwilling to purchase life insurance due to perceived high costs, length of time involved in applications, and apprehension of medical or blood tests. The EasyProtect insurance suite addresses these issues by providing easy to understand products with affordable prices; and a quick, convenient direct application and purchasing process (no medicals or blood tests).
The two key products in the EasyProtect suite are:
EasyProtect Life
Easy Protect Income
Australia’s first online income protection insurance with:
Plus:
The online or phone application provides an immediate decision and no medical or blood tests are required.
“Many Australians see insurance as a ‘grudge purchase’. This attitude is concerning – insurance should be viewed as a necessary protection for your most valuable asset – your life,” said Mr Schoeffer.
“The EasyProtect range is simple to understand and yet comprehensive in its cover. With the addition of the EasyProtect suite to ING Australia’s life and income insurance protection product range, we now have options that suit all key customer segments – whether through traditional distribution channels or via web and phone.
“ING Australia is continuing to make life and income protection insurance accessible to all Australians.”
*Examples of less than $1 per day
EasyProtect Life
30 yo male, non-smoker, $500k Life cover = $29.50 per month
40 yo male, non-smoker, $300k Life cover = $27.21 per month
30 yo female, non-smoker, $700k Life cover = $29.50 per month
40 yo female, non-smoker, $500k Life cover = $28.80 per month
EasyProtect Income
30 yo male, non-smoker Builder, 90 day wait, 12 month benefit = $26.64 per month for $3,000 monthly benefit
40 yo female, non-smoker Office Manager, 30 day wait, 6 month benefit = $29.48 per month for $3,600 monthly benefit
43 yo male, non-smoker Lawyer, 90 day wait, 24 month benefit = $29.61per month for $3,500 monthly benefit
35 yo female, non-smoker Registered Nurse, 90 day wait, 6 month benefit for $2,500 monthly benefit = $28.76 per month for $2,500 monthly benefit
EasyProtect Income with TPD
30 yo male, non-smoker Accountant, 30 day wait, 6 month benefit = $28.92 per month for $4,000 monthly benefit + $200,000 TPD benefit
35 yo female, non-smoker Engineer, 90 day wait, 12 month benefit = $29.99 per month for $4,000 monthly benefit + $100,000 TPD benefit
37 yo female, non-smoker Small Business Proprietor, 30 day wait, 6 month benefit = $30.08 per month for $3,000 monthly benefit + $50,000 TPD benefit