Aviva has released a high level information summary to advisers that flags a number of initiatives in its soon-to-be released Protectionfirst product range update.
In a Supplementary Product Disclosure Statement set to take effect from 2nd April 2009, the joint Life Company of the Year has announced the following changes/initiatives to advisers in its weekly news update:
- Financial comfort for those hit by redundancy: In the event of involuntarily unemployment (eg retrenchment) Aviva will waive premiums under its lump sum contracts for a cumulative maximum of 12 months as part of its ‘waiver of premium’ optional benefit
- Easier underwriting: Simplified medical and financial underwriting designed to enable advisers to cover more clients without the need to trigger mandatory underwriting requirements
- Improved income protection replacement ratios
- Improved interim protection: Increase in interim cover for income protection from $5,000 to $10,000
- Enhanced definitions: Introduction of new/amended medical and policy definitions
The insurer is set to release further details to the market in the lead up to the effective date of the SPDS update on 2nd April.
