ANZ launches over-50s cover
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.
Recommended for you
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
Insignia chief executive Scott Hartley is among two new appointments to the Financial Services Council board, returning after a two-year hiatus.
