Australia: Aviva offers support for those hit by redundancy

Australia: Aviva offers support for those hit by redundancy

With the prospect of an ever increasing number of Australians being forced out of work as a result of the global economic crisis, it has become increasingly important to ensure that clients are able to maintain protection for themselves and their families. In the latest product upgrade Aviva will provide clients who become involuntarily unemployed the ability to waive premiums under lump sum policies.

For clients who select this option, Aviva will waive premiums for a cumulative maximum of 12 months in the instance where the client becomes involuntarily unemployed and registers with Centrelink or a recognised employment agency.

Aviva’s Russell Hannah, national distribution development manager - protection, said: “As a direct response to rising unemployment flowing from the global economic crisis we can assist those clients who are made redundant, by allowing them to waive their premiums on their Aviva lump sum policies for a cumulative period of 12 months.

“This allows our clients to focus on the pressing matters associated with such periods of uncertainty while still having the peace of mind and comfort that they remain protected.”

Effective from 2 April 2009 the waiver of premium option is available on Aviva’s lump sum retail policy range. The option must have been selected and the policy held for a period of six months prior to the period of involuntary unemployment. Assuming these requirements can be satisfied a claim can still be lodged during a period where the premiums are being waived as a result of the option being exercised.

Mr Hannah said: “These are unprecedented times which require a strong response at both an industry and broader community level. Our aim is to ensure those affected by the global economic crisis remain protected without the additional financial pressures of having to find the dollars to pay their Aviva life insurance premiums.”

In addition to paper based, Aviva’s life insurance products are also available via Riskfirst, a fully automated electronic underwriting system and the first signature free life insurance offering in Australia. Importantly, Riskfirst can potentially cut application times from up to 30 days to as little as 30 minutes.

In 2009, Aviva was awarded The Platinum Award - Life Company of the Year at the AFA Plan for Life Awards.

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