A number of life companies have offered their support to those affected by the bushfires in Queensland and New South Wales, in the form of premium waivers and donations to charity.
AIA and CommInsure Life announced a Bushfire Assistance Package to support policy holders affected by the bushfires.
It stated eligible policy holders will be entitled to premium waivers ranging from two to six months, depending on their product provider, while lost policy documents will also be replaced without evidence or cost to the client.
“The days, weeks and months ahead will be challenging for impacted communities.”
“The days, weeks and months ahead will be challenging for impacted communities. We want to do our part in some small way by providing financial support for our customers when they need it most,” said Damien Mu, Chief Executive, AIA Australia and New Zealand.
MLC Life Insurance
Meanwhile, MLC Life Insurance confirmed it will waive premiums for customers facing hardship arising from the bushfires.
The insurer stated that from the 14 November, it will waive premiums for up to three months for affected retail insurance customers.
MLC Life Insurance Chief of Group and Retail Partners, Sean McCormack, said, “We are deeply troubled by the significant impact of the bushfires on our customers, their families and communities.
“We want to support them in their time of need. By waiving premiums for those experiencing hardship our customers can rest assured that their life insurance cover remains in place,” he said.
ClearView announced it will donate $30,000 to the Australian Lions Foundation – Drought Relief Appeal, to support Australian farmers struggling in drought-stricken areas and families impacted by the bushfires.
Zurich and OnePath Life will waiver premiums on life insurance policies for customers impacted by bush fires in the affected areas of NSW and Queensland.
A release noted that both insurers recognise the significant impact the current bushfires are having on the livelihoods of customers in these areas.
It says to help ease some of the financial burden, the insurers are offering to waive the life insurance premiums for affected customers for two months up to 13 January 2020.