Partners backs direct insurance offering

Volo Lifestyle Cover is billed as insurance policy that is designed especially for 18- to 35-year-olds, and is available from 50c a day.

There are no health questions for those taking out the cover but pre-existing conditions are excluded, as well as some occupations and pastimes.

It would cost $56.25 a month to get up to $90,000 of cover. The cost of premiums is tied to the level of cover required, not the insured customer's age.

Volo offers one policy to cover surgery, major health events, cancer, permanent disability, fractures and temporary disability. The amount that pays out for each event varies. In the case of someone earning $60,000, payouts range from $7500 for temporary disability through to $90,000 for cancer or permanent disability.