Aviva has announced that it will give Australians in many high risk occupations and non-working spouses the opportunity to be covered under a new Income Daily Living product.
Aviva has announced that it will give Australians in many high risk occupations and non-working spouses the opportunity to be covered under a new Income Daily Living product.
Occupations traditionally classified as too risky, such as labourers, window cleaners and motorcycle couriers, will now be eligible for income protection under Income Daily Living. Importantly, Aviva also recognises the needs of non-working or part time working spouses taking care of their children.
Income Daily Living provides a benefit of up to A$5,000 per month in the event of the insured not being able to perform two out of five activities of daily living, as well as, six times the monthly benefit in the event of a defined critical condition occurring.
Natalie Eckersall, general manager of wealth protection products, said: "We wanted to ensure this benefit was truly meaningful by extending it to provide an income stream in the event of the customer suffering a Critical Condition. We also recognise that stay at home parents require insurance. Their need for adequate financial protection, to cover unforeseen events, is just as compelling as that of the working spouse. Research indicates that the cost of outsourcing home duties, normally performed by the non-working spouse, can add up to over A$45,000 per annum."
Again, taking customer needs into account, at no additional cost, Income Daily Living automatically includes Aviva's new Child Income Benefit to enable parents to look after their critically ill children. It provides up to A$15,000, in the event that a dependant child is diagnosed with one of 16 defined critical illness conditions.
Ms Eckersall said: "This new product is a direct result of the feedback we've received from financial advisers wanting to offer a solution for all of their clients, and ensures the solution includes the product features that are most relevant. Over three million households in Australia have dependant children so the number of families that could experience their child suffering from a critical illness is staggering. This is compelling because it can give parents, working or not, the financial support to drop everything to be by their child's side."
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Natalie Eckersall and financial advisers are 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
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