It's now easier than ever for Australians to protect themselves and their loved ones with life insurance, with the National Australia Bank (NAB) launching the new online NAB Essential Life protection to coincide with MoneySmart Week.

Customers will be able to apply for the NAB Essential Life insurance protection online at nab.com.au in only a few simple steps and receive cover immediately.

To celebrate the launch of NAB Essential Life, customers who receive coverage online by 31 October 2014 will receive a 10 per cent discount on their premium for the life of the policy.

Unfortunately, many Australians don’t realise the importance of life insurance. According to the latest MLC Wealth Sentiment Survey, 50 per cent of Australians don’t want or don’t think they need life insurance to protect their family’s finances in the event something happens to them.

Retail Wealth Product Executive General Manager, David Hackett said NAB Essential Life was designed to make it simpler for Australians to protect their family’s future with life insurance.

“We are constantly looking at ways to make it easier for Australian families to protect their financial future, and address our nation’s underinsurance problem,” Mr Hackett said.

“We all know that life doesn’t always go according to plan and life insurance can help protect your loved ones if the unexpected happens.

“The launch of NAB Essential Life marks the first time our customers can apply for and receive life insurance protection quickly online at nab.com.au, and is an important part of our strategy to make quality financial advice and services accessible to more Australians.

“The last thing anyone wants is to leave their loved ones in financial difficulty after they are gone. NAB Essential Life gives you the peace of mind that your family will be protected.”

To apply, visit NAB Essential Life