Navigator today announced reductions in its life insurance, or as it is known internally, protection, premiums of up to 29% in the run up to the implementation of the choice of funds legislation said general manager product Tim Cobb.
Navigator today announced reductions in its life insurance, or as it is known internally, protection, premiums of up to 29% in the run up to the implementation of the choice of funds legislation said general manager product Tim Cobb.
"Protection is clearly an important part of a modern platform’s offering. We have been competitive with other offerings in the market, but we decided to really take the initiative and cut back premiums while improving cover. We want Navigator customers to get top quality life insurance at market leading prices," Tim said.
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| Death Only Sum Insured (A$) | Monthly Premium (A$) | |
| New | Old | |
| 750,000 | 66.15 | 78.98 |
| 1,000,000 | 83.79 | 105.30 |
| 1,250,000 | 104.74 | 131.63 |
Tim Cobb, said: "Protection is clearly topical as customers start to consider using choice to move their super to a platform. We believe it is important to take the lead in this space and we are well positioned because of the insurance expertise of our parent company, Aviva plc."
The Aviva protection offer, which underpins Navigator’s wealth protection, has top ratings based on independent research software. We believe that as these products are now in line, the independent research will show Navigator is leading the field in its competitive offering, he commented.
Navigator is also improving benefits for existing customers.
"We think improvements in features should be passed on to existing customers to keep their policies up to date. The Navigator contracts now also include the Aviva upgrade guarantee, which ensure customers get the benefit of all future enhancements too.
Navigator Wealth Protection is also being enhanced to allow multiple policies to be linked to one navigator account.
This makes the contract ideal for Navigators Self Managed Superannuation Fund (SMSF) investors by allowing each member to have protection tailored to their own needs, with all premiums coming direct from the SMSF investment and enjoying the appropriate tax breaks" he said.
Navigator currently has almost A$1billion of investments from self-managed super funds administered on the A$11.5 billion platform.
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Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator Australia Limited and Norwich Union Life Australia Ltd. Portfolio Partners Limited is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of 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$74 billion, and more than A$592 billion of assets under management (as at 17January 2005). The group has more than 51,000 employees and 30 million customers worldwide.
- The information in this document reflects Navigator Australia Limited's ('Navigator’) 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 NULIS Nominees (Australia) Limited ABN 80008515633 (NULIS) must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from NULIS 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. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.