In a typical year, Aviva Australia pays more than $31 million in claims, ensuring families are financially protected during a difficult time – be it the death or illness of a family member.
In a typical year, Aviva Australia pays more than $31 million in claims, ensuring families are financially protected during a difficult time – be it the death or illness of a family member.
According to Aviva’s chief operating officer, Grant Salmon, at times like these some families may find they are under insured or not insured at all. And, with 220 people diagnosed with cancer on any typical day1, no one can afford to get their life insurance needs wrong.
Between January 2000 and July 2004, Aviva has paid more than $47 million in Critical Illness payments. The youngest claimant was a 25 year old women whose policy was less than a year old and received a payment of $62,000, and the oldest was a 64 year old male cancer sufferer who received a payment of $119,0002.
Historically, life insurance was deemed necessary for the male breadwinner. However, financial advisers are now more aware of the health issues affecting all family members and the impact they may have.
The average number of annual claims for breast cancer now makes up for 27% of all Aviva claims. That’s more than $8 million in payments to sufferers of breast cancer (types of payments range from income protection policies to death benefits)3.
The second highest is heart attack at 13%4 – an ailment common to both sexes, with one in two men and one in three women developing coronary heart disease each year.
"When considering the pros and cons associated with life insurance it’s important to consider if you, or your family, can afford to live without it. For most families the answer is ‘no’. Because, putting it simply, this product guarantees the financial health of you or your family during a difficult time," said Grant.
"Life insurance provides peace of mind for many people. Ill health doesn’t discriminate – it affects younger and older people and most people have financial commitments to cover – no matter what is happening in their lives."
"All sorts of people can benefit from life insurance. It’s a product designed to help people deal with the unexpected. During times like those the last thing you or your family need to deal with is financial pressure.
In reality, your life insurance will take care of your finances so you can concentrate on the things that really matter – getting better or looking after family members," said Grant.
Anyone interested in any life insurance product should contact a financial adviser for further information.
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1 Australian Institute of Health and Welfare and Brain Foundation of Victoria, Melbourne 2001
2 Aviva Australia, Claim Facts, Melbourne, September 2004
3 Aviva Australia, Claims in a Typical Year, Melbourne 2004
4 Aviva Australia, Claims in a Typical Year, Melbourne 2004
For further information please contact:
Simon Morgan
Group General Manager Public Affairs
Phone: (03) 9829 8892
Mobile: 0407 966 632
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia
- Globally, Aviva Australia is part of Aviva plc, the world’s fifth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$78 billion, and more than A$624 billion of assets under management (as at 1 July 2004). The group has more than 56,000 employees and 30 million customers worldwide
- The information in this document reflects Norwich Union Life Australia Limited's (NULAL) and NULIS Nominees (Australia) Limited's ('NULIS') understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances.