As part of its integration with CommInsure Life, AIA has announced it will no longer be accepting new business for some retail advised life risk products.
The streamlining process means that CommInsure Protection products will no longer accept new business from 31 March 2020. However, AIA will continue to support current CommInsure Protection policyholders with the full range of customer service and support that they receive now.
“Our commitment to support CommInsure customers is unwavering; their existing cover remains the same, with the certainty of automatic upgrades to benefits where it doesn’t affect premium rates,” said AIA Australia and New Zealand CEO Damien Mu.
“We will continue to support our customers with the same high-quality service that they have always experienced in the past.”
As part of the streamlining process, AIA Australia has enhanced its Priority Protection product with an involuntary unemployment benefit – a key CommInsure Protection feature.
AIA will also continue to improve CommInsure Protection products to ensure they provide “valuable, contemporary cover for current policyholders”, including automatically upgrading CommInsure Protection with all benefits added to Priority Protection where the upgrade does not result in an increase in premiums.
“For advisers, our focus remains on providing them the best support and the best proposition for their clients,” Mr Mu said.
“We’re committed to making a difference in people’s lives, and championing Australia and New Zealand to be the healthiest and most protected nations in the world, through our strong life, health and wellbeing proposition and market-leading programs such as AIA Vitality, and our rehabilitation programs.”
AIA Australia and CommInsure Life came together under a joint co-operation agreement in 2019.
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