Pinnacle gets into income protection

The insurer said the income protection product could be issued in 10 minutes.  Customers can choose either 65% or 75% of their average monthly income up to $12,000.  Benefit terms range from six to 36 months.

Customers receive 10% off their first year’s premiums if they apply online.

The life cover calculator asks customers whether they have a mortgage to repay, any other debts and how much income would need to be replaced each year. It also asks for details of any savings or existing insurances.

Chief executive Michelle van Gaalen said it was designed to help provide consumers with more information.