Allianz has announced a market-leading increase in disability insurance cover in its maximum Permanently Unable to Work cover benefit to $1.5 million.
Announcing this new initiative, Terry Towell, Allianz Managing Director, said, “Allianz Life has been a pioneer in the direct life insurance market since the company launched in 2007. At that time, Allianz offered Australians the ability to purchase up to $1.25 million in life insurance online without the need to see an insurance adviser or undertake medical tests and at premiums up to 30% below comparable products offered by its competitors. Allianz maintained its leadership position in the direct market with an increase in its maximum life cover benefit to $1.5 million in 2008.
“Allianz’s market leadership position is now further enhanced with an increase in the maximum benefit for Permanently Unable to Work cover to $1.5 million, bringing it into line with Allianz’s benefit level for Life cover. This is the highest limit for this sort of cover available direct to the public over the internet or phone without the need for a medical assessment.”
Permanently Unable to Work cover provides a lump sum payment in the event of total and permanent disability as a result of sickness or injury where a person is unlikely to ever be able to work again.
Mr Towell added, “To date the maximum benefit limit for disablement cover from Allianz and other insurers in the direct market has been $1.25M. Allianz Life is again showing the way in the direct life market by increasing this amount to the new market-leading level of $1.5 million.”
Permanently Unable to Work cover is an important risk protection strategy for individuals. No-one plans to get sick or injured but it’s worth taking the time to think about the impacts of permanent disability and how this impacts a person’s ability to earn an income. The reality is that accidents and illnesses can strike at any time and often with devastating consequences. Permanently Unable to Work benefit payments can be used for a range of purposes such as the repayment of debts such as a home mortgage, to provide for long-term medical care such as rehabilitation, or for daily living expenses.
Mr Towell said, “Underinsurance is widespread in the Australian community with research indicating that only 22% of Australians have life insurance and those that do are typically underinsured by an average of $460,0002. And the need for greater levels of insurance to protect against the risk of long-term disability is just as important as it is for greater protection against the risk of premature death. Allianz is pleased to be able to assist in reducing the underinsurance problem by providing market-leading levels of life insurance cover that can be accessed by Australians simply, quickly, without the need for medical tests and at competitive prices.”