InsuranceLine, a provider of direct life insurance in Australia, in collaboration with specialist life insurer TAL, has launched a new funeral insurance policy that offers more benefits compared to both current funeral insurance plans and prepaid funerals.
The new policy offers level premiums for life that don’t increase with a customer’s age, capped premiums, as well as lifetime protection promise.
Customers who hold their policy for five continuous years will leave their beneficiaries eligible for a payout even if the policy is cancelled, as part of the new policy’s Lifetime Protection Promise option.
TAL Group CEO and managing director Jim Minto said the product has been designed based on the requirements of customers.
"We heard that level premiums which don’t increase with age and a cap on the amount people pay for cover are important and we’ve made this the norm," Minto added.
The new policy can be purchased for coverage of between $2,000 and $15,000.