ANZ has launched a new life insurance product aimed at the 50-plus age group to cover expenses after death.

The ANZ 50+ Life Cover will cover funeral costs, credit card balances and utility bills up to $15,000.

No medical or health questions are required as part of the application process.

Consumers can choose how much life cover they want and there is an option to cap premiums.

These premiums will cease after the consumer’s 90th birthday but the policy will remain in place for the rest of their life. The policy also offers up to $30,000 for accidental death.

ANZ GM Insurance Gavin Pearce says the product is designed to fill a gap in the marketplace.

“Our research found a strong appeal for insurance cover that allowed consumers to avoid burdening their loved ones,” he said. “They wanted an insurance product that had no premium surprises.”

Mr Pearce says the research also showed people don’t want to pay more than the benefit payment, so ANZ has provided the option of capped premiums.

The new product will be sold direct and according to ANZ this distribution channel now accounts for 18% of all life insurance sales throughout Australia.