ANZ has launched a new life insurance product for over-50s that it claims will fill a gap in the market.
The ANZ 50+ Life Cover has been designed to meet immediate post-death financial expenses up to $15,000 including funeral costs, credit card bills and utility bills.
The product has a level premium plan where costs do not increase with age, with the option to cap premiums so the maximum a policyholder pays will never exceed the total benefit.
There is also no requirement for medical tests or health questions, and cover is for life.
Other features include up to $30,000 for accidental death after one year, availability of a premium payment pause of up to three months, and payment of benefit within two business days.
OnePath general manager of insurance, Gavid Pearce, said the product fills a gap in the market by providing affordable funeral and immediate post-death expense cover, where premiums do not go up year-on-year.
“Our research found a strong appeal for insurance cover that allowed consumers to avoid burdening their loved ones. Specifically, an insurance product that had no premium surprises,” Pearce said.
