Aviva is tackling the under insurance issue in Australia by offering life insurance cover to people working in mining - an industry where underinsurance is significant.
Aviva is tackling the under insurance issue in Australia by offering life insurance cover to people working in mining - an industry where underinsurance is significant.
The mining industry is one of regional Australia’s largest employers, with more than 67,000 employees[1]. However many, if not all, of these employees have been unable to access some important life insurance products due to the high risk nature of their occupations.
Aviva’s Protectionfirst life insurance product range has been upgraded to provide life insurance cover for total and permanent disability (TPD) for a number of occupations. In the past, these people would have been totally ineligible for TPD, however now they will be offered special acceptance cover based on an Activities of Daily Living "loss of independent existence" style policy.
Aviva’s general manager wealth protection Natalie Eckersall, said Aviva has recognised that many of the occupations not covered in the past were for people who needed protection the most and that is what this product is about – providing financial protection when people really need it.
“It has been a major source of frustration for financial advisers who have a client who wants, and really needs, comprehensive life insurance but there are no organisations willing to offer the cover,” said Natalie.
Financial advisers have been demanding that the life insurance industry responds to the needs of all their customers and this is what Aviva is doing.
Until now, professional sports people have also fallen into the uninsurable category.
An AFL footballer, a professional golfer and even a jockey in the Melbourne Cup can now rest assured they will be covered by the comprehensive insurance products offered by Aviva.
“The risk involved in industries such as mining and professional sports has been seen as too great in the past but we have now provided these people access to top level life insurance products. These people have been unable to get sufficient cover to protect severe events in the past. Should the worst occur, people in high risk occupations are looking for the peace of mind that their financial security is assured,” she said.
“At Aviva we have recognised this and have been working for some time on developing a product range which we can offer to more people,” said Natalie.
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[1] Australian Bureau of Statistics, Mining Operations, Australia, October 2002, Canberra.
For further information please contact:
Tim Cobb
General Manager Marketing and Public Relations
Phone: (03) 9829 8509
Mobile: 0418 529 387
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s fifth largest insurance group based on gross worldwide premiums at 31 December 2005.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of Ł41.5 billion and assets under management of Ł364 billion at 31 December 2006.
- The information in this document reflects Norwich Union Life Australia Limited (ABN 34 006 783 295) 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. 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.