One major change that’s has literally taken off are electronic life insurance applications.
This has helped adviser liked CCA Fp provides advice and service to clients right across Australia. In fact we can provide a quality service to the remotest of places. All we need these days is a telephone line and an internet connection.
Electronic life insurance applications online provide ease of completion because:
Questions are tailored to the cover being applied
Clients cannot miss questions
Specific medical questions can be asked at time of application rather follow up late
This has all contributed to reducing the time it takes to start you life insurance policy.
Underwriting decisions are faster because
Clients are offered a life insurance policy terms at point of sale
Applications are electronically emailed to an underwriters desk reducing the chance of applications being lost.
Get Life insurance cover instantly!
Without doubt one of the key benefits of electronic applications is the fact that you are issued with a cover note or better know in the life insurance industry – interim cover!
This is great, knowing that you have some level of protection whilst the underwriting process is taking place.
Although not all interim cover offered are the same so if this feature is imprtortant to you make sure you ask your adviser to provide a complete analysis.
Make sure you ask that you are covered for death, total disability or an income protection claim if this is as a result of an accident and or sickness.
How long does the interim cover last?
Most Australian Life insurers offer 90 day interim cover but a select few have this feature turned on indefinitely until the underwriter makes a decision.
This of course doesn’t mean you can drag your feet submitting information you still must respond in a reasonable time to request from insurers.
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