AIA Australia has made a number of enhancements to its Priority Protection insurance suite, including a new option for business owners to top up their cover.
The new Business Safeguard Forward Underwriting Benefit allows business owners a flexible and simple way to boost their life, TPD and crisis recovery cover at key stages in the life cycle of their business. These events include increasing their equity in an existing business, and promotion to a business critical position. Using the benefit, owners can increase their cover without providing evidence of health.
AIA Australia has also added an option for TPD and crisis recovery claimants to purchase life cover up to a year after their original claim, without undergoing medical assessment.
Other changes included as part of the upgrade are:
- New Personal Events added to the Guaranteed Future Insurability benefit under the Life Cover and Superannuation Life Cover Plans
- A partial crisis recovery benefit is now payable where a benign brain tumour is diagnosed by a neurologist
AIA Australia’s Chief Retail Insurance Officer, Pina Sciarrone, said the new Priority Protection enhancements were part of AIA Australia’s regular review process to ensure their product range and premium rates for lump sum products reflected the changing needs of Australian life insurance customers and their advisers.
“We are constantly looking at how we can assist advisers to grow their businesses by better tailoring products to meet the changing needs of their clients,” said Ms Sciarrone. “With over two million small businesses operating across the country, it makes sense for us to look at ways to better service the SME market.
“The Business Safeguard FUB option allows business owners to purchase additional cover that ensures their commercial assets are fully protected, without having to go through the extra administrative step of sourcing and submitting a health assessment.”
Of the new Life Cover Purchase option, Ms Sciarrone said: “Having an accident or significant illness can often alert people to the fact that they need to have their family protected in the event that the worst happens, but health issues like this can also make it more difficult or expensive for consumers to access life cover.
“Our new Life Cover Purchase option ensures TPD or crisis recovery claimants will face no obstacles in getting the cover they need as simply and efficiently as possible.”
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