According to a statement, the service, known as Cover Upgrade Express, will allow customers to quickly increase their life insurance, TPD insurance and critical illness insurance.
The service allows clients to upgrade their cover online without underwriting, and to take advantage of the guaranteed future insurability (GFI) benefit feature of their policy, the statement said.
TAL’s general manager of retail distribution, Niall McConville, said GFI allows policies to be increased following life events such as buying a house, finishing a postgraduate degree or having a child.
“Clients are notified of their eligibility at policy renewal time and can action their upgrade without new evidence of health or pastimes,” he said.
“It is an easy self-service online process.”
Cover Upgrade Express will be available for eligible Accelerated Protection Policy customers under 55 years of age, the statement said.
Just another confirmation of my belief that these so called IFA dependent insurers end game is to to bypass the adviser channel. Under the guise of reduced paperwork.