Jim Minto
TowerAustralia has announced that it has raised mandatory medical requirement levels from $1 million to $2.5 million of life cover.
Managing director Jim Minto said the move demonstrated the insurer’s leading position as market innovators.
According to Minto, these innovations dramatically simplify the process for many people under 45 to apply for insurance protection.
“Tower is looking to simplify traditional industry processes to help more people gain access to life cover without excess complexity in the process,” he said.
“Where people state they have a health issue, then medical evidence will be required but for many people the process will be much simpler. We will ask for information to assess the particular conditions they disclose rather than sending all people off for standard tests.”
Minto said when Tower launched its ‘fast track’ process several years ago, that removed mandatory medical tests for people under 45 years of age for up to $1 million of life cover, it wasn’t long before it became an industry standard.
Minto said the new process and limits were part of Tower’s commitment to establish thought and innovation leadership backed by delivery in the life insurance industry.
