The life insurance industry needs to improve their product offerings in order to bridge the underinsurance gap in Australia and deliver greater flexibility to meet a client's evolving needs, according to Association of Financial Adviser chief executive Richard Klipin.
The life insurance industry has been letting itself down for years as little has been done to improve the efficiency in managing clients' after the initial sale, TAL Retail Life chief executive Brett Clark added.
In an effort to tackle these issues, TAL has introduced a number of features to its Accelerated Protection life insurance offering which it says will speed up the insurance process.
For existing Accelerated Protection policies, financial advisers will now be able to obtain instant quotes online which Clark said will make it easier for advisers to manage their customers' polices and adjust insurance cover to suit their needs over time.
Clients will also be able to pay level premiums to the age of 70 for life cover, with premiums not to increase until then, TAL stated.
"TAL is the only life insurer in Australia that guarantees its level premium rates for life cover, which means we are able to give customers certainty over the next 20 to 30 years," Clark said.
In addition, TAL has introduced a benefit that will reimburse up to $5,000 in legal costs to update the trust deed upon the death of the life insured.
