Aviva has further enhanced its 5 Star rated Navigator Business Super product offering by introducing new and improved cover for uninsured superannuation members to address the issue of underinsurance.
Aviva has further enhanced its 5 Star rated Navigator Business Super product offering by introducing new and improved cover for uninsured superannuation members to address the issue of underinsurance.
Andrew Barker, General Manager - Wealth Management Products, said eligible Navigator Business Super members with a minimum $1,500 super balance received an automatic minimum level of insurance cover, regardless of medical history.
"With no medical evidence required, cover of up to $228,000 was provided to eligible current members on 1 February," he said.
"Approximately 7,500 members received automatic death and total and permanent disability (TPD) cover, and another 1,000, whose advised occupation excludes them from receiving TPD cover, were offered death cover only," Andrew said.
"Given its cost and tax effectiveness, superannuation provides one of the most attractive ways to obtain life insurance, and the industry can therefore be a strong contributor to addressing the issue of underinsurance."
Members can opt out of the offer within 90 days of 1 February and have all premiums rebated. After the 90 day period, members can still cancel the cover anytime by normal means.
This Navigator Business Super initiative has won the support of advisers and employers because it is helping to meet the insurance needs of employee members - an audience that is traditionally disengaged from the benefits that insurance through super can provide.
The provision of death and TPD cover is at a fixed premium dependant on age and the cost of cover provided, ranging from $52 pa to $234 pa, is modest.
The Navigator Business Super product has achieved the highest possible ratings from Chant West (5 Apples), Heron (5 Stars) and Selecting Super (AAA).
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 Australia Limited and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc ("Aviva"). 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 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of £41.5 billion at 31 December 2006 and assets under management of £377 billion at 30 June 2007.
* Based on life and pensions PVNBP, total investment sales and general insurance and health net written premiums
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