Zurich Financial Services Australia has enhanced its life risk policies to encourage financial advisers to recommend products to customers and help overcome problems of underinsurance.

Head of Life Risk Colin Morgan told insuranceNEWS.com.au underinsurance is a chronic problem in Australia, with recent studies showing the gap between awareness of life insurance and take up is phenomenal.

Zurich has reduced premiums on many of its policies, in particular for the 35-55 age group, and is adding greater protection while improving technology for financial advisers.

“In recession times or times that are tougher, people traditionally start to look to protection,” Mr Morgan said. “We are seeing insurance sales start to spike now.”

Zurich last week launched quote software for financial advisers called LifeXpress, where an application can be processed immediately.