With the prospect of an ever increasing number of Australians being forced out of work as a result of the global economic crisis, it has become increasingly important to ensure that clients are able to maintain protection for themselves and their families. In the latest product upgrade Aviva will provide clients who become involuntarily unemployed the ability to waive premiums under lump sum policies.
With the prospect of an ever increasing number of Australians being forced out of work as a result of the global economic crisis, it has become increasingly important to ensure that clients are able to maintain protection for themselves and their families. In the latest product upgrade Aviva will provide clients who become involuntarily unemployed the ability to waive premiums under lump sum policies.
For clients who select this option, Aviva will waive premiums for a cumulative maximum of 12 months in the instance where the client becomes involuntarily unemployed and registers with Centrelink or a recognised employment agency.
Aviva's Russell Hannah, national distribution development manager - protection, said: "As a direct response to rising unemployment flowing from the global economic crisis we can assist those clients who are made redundant, by allowing them to waive their premiums on their Aviva lump sum policies for a cumulative period of 12 months.
"This allows our clients to focus on the pressing matters associated with such periods of uncertainty while still having the peace of mind and comfort that they remain protected."
Effective from 2 April 2009 the waiver of premium option is available on Aviva's lump sum retail policy range. The option must have been selected and the policy held for a period of six months prior to the period of involuntary unemployment. Assuming these requirements can be satisfied a claim can still be lodged during a period where the premiums are being waived as a result of the option being exercised.
Mr Hannah said: "These are unprecedented times which require a strong response at both an industry and broader community level. Our aim is to ensure those affected by the global economic crisis remain protected without the additional financial pressures of having to find the dollars to pay their Aviva life insurance premiums."
In addition to paper based, Aviva's life insurance products are also available via Riskfirst, a fully automated electronic underwriting system and the first signature free life insurance offering in Australia. Importantly, Riskfirst can potentially cut application times from up to 30 days to as little as 30 minutes.
In 2009, Aviva was awarded The Platinum Award - Life Company of the Year at the AFA Plan for Life Awards.
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Russell Hannah is available for interview.
For more information:
Ariana Alvarenga
Public Relations
Phone: (03) 9829 8985
Mobile: 0409 187 487
Sue Voglis
Research & Public Relations Manager
Phone: (03) 9829 8057
Mobile: 0408 309 247
Notes to editors:
About Aviva
Aviva Australia is the local face of the global Aviva group - a world leader in financial services.
Aviva is the world's fifth-largest insurance group^ and the largest insurance services provider in the United Kingdom. We are the leading provider of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, the USA and Australia.
We have premium income and investment sales of A$112 billion* and A$831 billion* of assets under management. Our 57,000 employees serve over 50 million customers in 27 countries.
Aviva has over 150 years of continuous operation in Australia, where our main activities are life insurance, investments and superannuation.
Aviva's consistent record of innovation in the financial planning market dates back to the early 1990s when its platform first allowed a range of investments to be consolidated into one portfolio. Today, Aviva continues to lead the industry with award-winning life insurance, investments and superannuation products.
Together with Aviva Investors, a funds management company which is also part of the Aviva group, in Australia, Aviva manages or administers more than A$19.2 billion in funds for more than 350,000 customers.
* Figures quoted are at 31 December 2008 and in Australian dollars.
^ Based on gross worldwide premiums at 31 December 2007.
Disclaimer
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