New Zealand owned life insurer Pinnacle Life has added a new ‘tick box’, which enables policy owners to boost their accidental death coverage by 50% by increasing their current premiums by 20%.

The company said that the new offering will ensure that the dependents of a policy holders get substantial financial package, in case of sudden demise of their loved one, as loss of a source of income adversely affects financial health of a family.

"Having sufficient accidental death coverage can provide them with the financial assurance they are going to need during the difficult days following an unexpected death," the company said in a statement.

The current ‘tick box’, marks the second one, while the first one was introduced in 2010, which allowed clients to get an early payment of 25% of their life cover, if they suffer from a serious ailments.

In order to help customers to easily buy insurance policies, Pinnacle Life started offering fully underwritten life insurance products online, direct to consumers, in 2007.

Pinnacle Life was started in 1998 and eventually launched online operations in 2007, making it as the first company in the world to offer online underwriting insurance services.