Rice Warner Actuaries, in 'New Research Reveals a Nation exposed' - August 2005 - found 60% of families with dependants would run out of money within one year of the death of the primary income earner. A lump sum payment can help a grieving family to pay off debts such as the mortgage and help with living expenses.
To help address Australia's high levels of underinsurance and following requests for insurance products with a simplified application process, St.George Life Limited has developed Quick Cover.
Quick cover provides a level premium life and terminal illness cover. The premium is only $30 a month for everyone- which is less than a dollar a day. The sum insured is based on age, sex and smoking status, and this will change each year.
Best of all is Quick Cover's activation process-it only takes about five minutes, involves no personal medical questions and it can be completed by the customer, online or at any St.George branch.
Jason Cleveley, St.George Product Manager - Life said; "We want to ensure that our customers won't be burdened with financial debts when they, or a loved one, dies or suffers a terminal illness. It is vital that we are able to provide our customers affordable and easy to apply for insurance solutions such as Quick Cover."
Customers can ask for the Product Disclosure Statement and activate their Quick Cover immediately at their local branch, by visiting
www.stgeorge.com.au/insurance or by calling 1300 301 883. Customers should consider the PDS before they decide to buy the policy.
