In an economic climate where life insurance sales are increasing, financial advisers are seeking stronger support from insurers with time-saving online technology, service efficiencies as well as quality products. Consequently, Zurich Financial Services Australia (Zurich) has announced a number of life risk enhancements, starting 1 March 2010, to make it easier for financial advisers to help their customers get the right insurance cover quickly, shaving off up to four hours off administration time from some applications.

This year, Zurich’s annual enhancements review includes improvements to existing products for customers, as well as practical support for financial advisers in the speed and flexibility of administrating applications. Zurich also said since its repricing last year that it remains at the top of table for pricing in Death and TPD cover in the small business market against its competitors.

Zurich has continued to heavily invest in its industry-leading ‘all in one’ software, LifeXpress, upgrading the service with further refinements as suggested by advisers, covering all three aspects of applications: quoting, electronic lodgement and auto underwriting.

Mr Colin Morgan, General Manager – Life Australia, said, “This year’s enhancements provide financial advisers the ability to remain focused on their main game…advising financial strategies. Most importantly, the electronic refinements that we have gradually introduced since launching LifeXpress benefit advisers in freeing up time to better service and address customers’ needs. And for customers, this means faster decisions on the acceptance of their application. In fact, almost all Zurich’s underwriting decisions have a 24-hour turnaround, irrespective of whether paper or an electronic application was submitted.”

Mr Morgan said, “Some advisers have told us they’re not always comfortable completing applications on behalf of their customers or that it’s overly time consuming. This is understandable, particularly when it comes to medical-style questions, which are outside of their field of expertise. That’s why we’ve made life simple for advisers. They can opt to use a paper-based or e-application. They can also use our tele-underwriting service. They may even commence the full application process and then swap to using the tele-underwriting service at any stage through the process. Zurich’s tele-underwriting service then gathers additional information, such as the technical medical questions, from the customer.

“Zurich led the way in Australia in tele-underwriting, first introducing the service following a successful pilot in 2005. It now offers an easy way to do business. The tele-underwriting service can save up to four hours of administration time for each customer. That’s time better spent providing financial strategies and advice to customers,” he said.

Currently more than 20 per cent of all applications use tele-underwriting services.

Enhancements to Zurich’s products include:

• higher levels of TPD cover for business people
• new double trauma option
• substantial improvements to income replacement and business expenses covers.
• new Insured child option – up to $200,000 of death cover, terminal illness and trauma benefits.

Insurance Kings is a supplier of the Zurich insurance products. To get a quote or apply online please visit our website at www.insurancekings.com.au

Income Protection Insurance helps replace your lost income if you are unable to work due to sickness or injury, helping to ensure that you can continue to meet your financial commitments by providing regular monthly benefit payments. You can get income protection insurance for up to 75% of your regular income, and superannuation contributions of up to 9%.

Premiums are generally tax-deductible. Income protection generally has a waiting period of up to 30 days however Insurance Kings is able to source income protection policies that will pay you from day 1 in the event of an accident. Income protection also has what is called a benefit period and this is the period of time that the policy will generally pay for.

This can range from 1 year all the way up to age 65 depending on your occupation. Income protection insurance is a necessity for every household especially the self employed. Most people believe that there home and other properties are their biggest asset when in fact their biggest asset is generally their ability to produce an income.

You insure your house and car don’t you?? So why not insure your income?? – apply online today at www.insurancekings.com.au or for more information go to the Income Protection page on our website.

Ezicover Select Term – Benefits at a glance

• An alternative to normal Term Insurance from less than $1.00 per day ¹
• Designed for those between the ages of 19 and 59 years
• Choose a term that suits your needs of either 5 years, 10 years or 15 years
• You can choose cover between $50,000 and $750,000
• Premium rates remain level ²
• So simple, it’s easy to understand and put into place

¹ Based on a monthly premium of $30.39 for $150,000 cover over a 10 year term for a male non-smoker aged 44 years

² Do not increase based on your age as you get older – excludes management fee

Want to apply for Ezicover Select Term Life Insurance online now? www.insurancekings.com.au

The first step is to establish how much cover you will need, and for what purpose. Will your family need full financial support after you die? Do you wish to arrange for your mortgage to be paid off, or your children’s university education be paid for? Perhaps you wish to ensure your business partner can survive the upheaval caused by your death.

Reasons for arranging cover could include:

• Replacing the primary earner’s salary – ensuring the family does not fall upon hard times in the event of the primary breadwinner’s death – is often the main reason for arranging life insurance. The amount of the payout should be calculated according to the earner’s net salary, the number of years it will be needed to maintain the family, as well as additional expenses incurred due to the breadwinner’s death, such as childcare. The amount can be paid in a lump sum and invested in order to pay out the income required, or paid as a pension to the beneficiaries in monthly instalments.
• Replacing childcare – the death of the primary childcare provider may create expenses in the form of full-time childcare. The level of care needed and for what term depends on the age of the children.
• Education expenses – cover can be arranged for school fees and/or university tuition and expenses for children in the event of the death of the primary earner also.

In some cases, policyholders may be concerned about leaving debts behind and they may simply wish their family to be able to keep up a certain standard of living after their passing.

It is recommended that you use your current annual salary as a base guide from which to establish how much total cover you wish your policy to provide. A general rule is to choose a policy providing at least ten times your salary; in certain circumstances, up to 25 times salary may be appropriate. Again, the amount will vary depending on how you intend it to be used and your individual circumstances.
If you are unsure about the type of cover you need or the level of cover you should insure for then you can speak to one of our insurance specialists for expert advice.

Get a life insurance quote online now! www.insurancekings.com.au

What will happen to your loved ones after you die? Will they be able to support themselves? Can your spouse manage the mortgage payments and ensure your children are able to attend university?

Arranging life insurance cover is the best way to ensure your family is taken care of in the event of your death, giving both you and them peace of mind.

Many of us are superstitious about planning for after our death, believing it to be a morbid topic and one that might even hasten the inevitable. But knowing you have a comprehensive life insurance program in place will provide peace of mind for both you and your loved ones.

Life insurance, put simply, is a policy provided by an insurance company that pays your family either a lump sum or a series of smaller sums in the event of your death. Policies vary widely; some may guarantee a payout, others expire after a certain period of time. Some have premiums and payouts set in stone, while others offer more flexibility.

There are many factors to consider when choosing a life insurance policy. What sort of cover do you need? How much cover should you arrange? Do you need basic life insurance or more extensive critical illness cover, and what about tax?

As a financial data comparison site, Insurance Kings can direct you to the best life insurance deals to meet your needs. The internet makes it easy to shop around to find the best deals, but you need to ensure that a deal really suits you and your family.

Go to our website now to find out how you can get term life insurance easily online.

Why do I need Ezicover Funeral Plan?

Many of us worry about burdening our families with the cost of our funeral, even when death is expected. It is an emotional, stressful and devastating time for those left behind and a funeral plan can at least help with the financial burden.

Ezicover Funeral Plan – Benefits at a glance

• Provides financial assistance for your family, from less than 80 cents per day ¹
• Provides guaranteed acceptance if you are aged between 19 and 80 years
• Pays a double benefit if death is caused by accident after the policy begins
• Select the cover you require of either $5,000, $10,000 or $15,000
• So simple, it’s easy to understand and put into place
• Provided you pay your low cost premiums when due you will be covered until you die. No matter when.
• Premiums cease at age 90 but cover continues

¹Based on a monthly premium of $23.93 for $10,000 plan for a male non-smoker aged 59 years

Get a quote for a funeral plan online now at Insurance Kings website.