With global markets reducing investment earnings, Australians are now more likely to put life insurance into their superannuation, according to data released by Aviva Australia.
With global markets reducing investment earnings, Australians are now more likely to put life insurance into their superannuation, according to data released by Aviva Australia.
In 2007, less than 3% of lump sum new business was linked to the Aviva platform. For the year to date 31 May 2009, lump sum protection policies linked to the platform represented 14.8% of new business.
In times of uncertainty, placing life insurance into superannuation provides clients with peace of mind that they are adequately protected, while also allowing them to take advantage of the attractive concessions offered in a superannuation environment.
According to Aviva’s Russell Hannah, national distribution development manager – protection: "This is a significant jump increase in just two years. We anticipate that this trend will continue.
"Clients have become savvier about how they stay protected in times of economic uncertainty and this trend is supported by our figures which show an increase in life insurance held via super. This allows clients to stay protected while maximising their tax efficiencies and also maximising the impact of premiums on their disposable income."
Aviva’s full suite of insurance products are also available via Riskfirst, a fully automated electronic underwriting system which was the first signature free offering in the Australian market.
Hannah said: "As a result of embracing our technology many advisers have cut their application times from 30 days down to as little as 30 minutes. Since launching Riskfirst two years ago we have seen a steady increase in the number of advisers using online technology with 46% of new business applications now being submitted via Riskfirst."
-ends–
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
Disclaimer
This news release has been provided on the basis that it is only for the information and exclusive use of the particular person to whom it is provided by Aviva (Aviva Australia Holdings Limited ABN 38 095 045 784 and its related companies). While Aviva believes the information in this news release is accurate which in some cases has been provided to us by third parties, Aviva is not making any representation as to the accuracy, reliability or completeness of the information in the news release. Neither Aviva, nor its directors, officers or employees will have any liability to you or any persons resulting from your use of the information in this news release.
The information in this news release is of a general nature and has been prepared without taking into account any person's particular investment objectives, financial situation or particular needs. Applications to invest in a financial product issued by any company within the Aviva group must be made by completing the application form attached to or accompanying the applicable Product Disclosure Statement which is available from Aviva or your financial adviser. Aviva does not receive any remuneration in relation to the provision of the information available from this news release which is of a general nature only.