CommInsure launches 'day one cover'
Big insurer CommInsure has introduced what it calls a 'day one cover' as a service for Colonial First State (CFS) clients who purchase Total Care Plan Super (TCPS) policy through the Superannuation Payment Method.
Announcing the move this week, the company said the payment method utilised rollover funds from the client's CFS account to pay for their insurance premiums.
CommInsure general manager of Retail Advice, Tim Browne, said once a policy had been underwritten, a TCPS policy could be placed in-force irrespective of whether the funds had been received.
"Previously, clients who pay for their TCPS policy through super typically had to wait an average of one week for the external super fund to rollover their funds," he said.
"The 'day one cover' service now means there is no disadvantage to the client or the adviser if they opt to pay with Super Payment Method."
Browne said 'day one cover' was a lead-in to a raft of further product enhancements, which would be launched next month.
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