The life insurance industry over the last couple of years has embraced technology in leaps and bounds resulting in higher levels of efficiency unprecedented in the sale and implementation of personal insurance product range form Life Insurance, Total Disability Insurance, Trauma insurance and income protection insurance.
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.
This has all contributed to reducing the time it takes to start you life insurance policy.
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.
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.