Removal of barriers key to addressing $1.3 trillion protection gap

Innovative financial services company Once Life Pty Ltd has launched a new website to help plug Australia’s growing insurance protection gap.

There are currently more than 2,575,600 families in Australia with dependent children living at home.  Most worryingly, six in 10 of those families have not got enough life insurance cover to look after their loved ones for more than one year if they were to die.*

With statistics also showing that Australians are under-insured to the tune of $1.3 trillion dollars*, Once Life Pty Ltd has developed Life Cover, a common sense approach to life insurance which aims to remove the barriers to obtaining adequate coverage.

“While most people understand the importance of life insurance, the need to see financial advisors, arduous application forms and compulsory medical examinations are quoted as reasons so many Australians simply do not bother,” said Stephen Benton, a director of Once Life.

“To counter this, we have launched Life Cover, a quick, simple straightforward application process for life insurance.

Life Cover can provide protection of up to $1 million in the event of your death, and is available online, with approval taking less than 10 minutes for successful applicants – without the need for a medical.

Customers are asked to complete a simple online application, and within minutes, successful applicants receive a quote and direct comparison with other insurance companies.

Should they choose to go ahead and their application is successful, the policy is activated immediately with documentation delivered electronically.

“Protecting the wealth you have built, or plan to build, for your family should not be arduous or expensive, nor should it be ignored, “said Mr Benton.  “Life Cover has been developed to provide people who previously put life insurance in the ‘too hard basket’.”

* IFSA – Investment and Financial Services Association