DorchesterLife Keeping Insurance Simple

13 April 2010

The aptly named ‘SimpleLife’ is an easy to understand insurance policy that has a very simple application form with only 6 basic health questions, and no complicated medical requirements.  Pre-existing conditions will be covered as long as they are advised to the company in writing.

‘Talking to clients and advisors about life insurance, it became very apparent to us that people hate filling in those long and complicated questionnaires you usually find in a life insurance application’ said DorchesterLife CEO, Henry Lynch.

DorchesterLife wanted to provide an option for people who wanted insurance but who may have shied away from it in the past because of family medical history or they just didn’t want to go through that long, complicated process normally involved. Whilst there may be a premium adjustment for certain pre-existing medical conditions, the process to get cover in place is much simpler.

‘By having a maximum cover level of $250,000, we are able to provide cover to anyone, and it means that advisors don’t have to jump through hoops going backwards and forwards to their clients with numerous medical follow-ups and test requests from the insurer.’

Another innovation with the SimpleLife product is that there is an option to pay premiums fortnightly as well as the traditional monthly and yearly.

‘We find many of our clients are paid on a fortnightly basis and prefer to have regular payments come out of their accounts in line with their pay cycle, so they don’t have to worry about when a monthly premium falls due’ Mr Lynch said.

The product features all the other benefits expected from a term life insurance policy, such as Terminal Illness and Funeral Advancement Benefits, as well as Interim Accidental Death Cover while an application is in process, and an option for increasing cover in the case of certain ‘Special Events’ without any further medical information being required.  There is also an easy to use on-line calculator (www.dorchesterlife.co.nz) that allows clients to see exactly how much they will pay if they have no pre-existing health conditions.

The product is backed by major international re-insurance company, Hannover Life Re.

DorchesterLife has been an established player in the insurance and savings market for almost 40 years, and is known for providing niche solutions to the consumer that the larger providers often don’t cater for.

‘SimpleLife is just that: simple life insurance’ said Mr Lynch ’We think it will fill a gap in the market that is currently untapped – mainly because most of the other products out there are just too complicated for many people to purchase.’