According to a statement, the service, called Cover Upgrade Express, allows clients to upgrade their cover online, cutting out additional paperwork for advisers and their clients.
Cover Upgrade Express allows clients to upgrade their cover online without underwriting and take advantage of the guaranteed future insurability (GFI) benefit feature of their policy, the statement said.
TAL general manager of retail distribution Niall McConville said GFI allows policies to be increased following life events such as buying a house, finishing a post-graduate 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.
Will TAL provide commission payment to the allocated adviser for the increase and will the renewal/servicing commission paid to the adviser be paid on the increased premium amount or on the premium amount without the increase in insured benefit being applied ?
no advice required and another nail in the coffin of advisers?