Life insurer AIA Australia has made a number of changes to its priority protection products to make it easier for business owners to increase their insurance levels.
In a statement issued by the life insurer, AIA said the new Business Safeguard Forward Underwriting Benefit (FUB) product will allow business owners to top up their insurance cover when they start a business or increase their equity holding in an existing business without a health check.
AIA Australia chief retail insurance office Pina Sciarrone said the product was designed for time-poor business owners looking for a “flexible and simple” way to top up cover at different stages in the life cycle of their business.
“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,” Ms Sciarrone said.
“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,” she said.
The life insurer also made changes to its TPD or crisis claim process.
Claimants will now have the option to purchase life cover up to a year after their original claim was paid without undergoing medical assessment.
“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,” Ms Sciarrone said.
“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.”
The news was announced last week.
The firm has posted a 29 per cent increase in underlying NPAT.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
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