The business super members require $1,500 in superannuation savings to receive the automatic cover
Aviva has announced its offering of automatic life insurance coverage to over 18,000 business super members – reported Financial Standard.
The business super members require $1,500 in superannuation savings to receive the automatic cover. Medical history is not needed to avail the cover. Around 9,700 members will be getting death and total and permanent disability to age 65, and 8,300 members will receive death cover only.
The members have the option to cancel the offer within 90 days after which all premiums will be rebated. Even after the 90-day period, members can still cancel the cover.
Andrew Barker, general manager of wealth management products at Aviva, stated that the firm is addressing the nation’s under-insurance issue through this strategy.
Mr. Barker said: We recently saw the strength and value of providing automatic life insurance through superannuation through one of our members. This client was offered automatic life insurance through their superannuation and has now been diagnosed with a terminal cancer.
The death cover provided a terminal illness benefit. The client will now be able to cover expensive medical costs as well as knowing that their family will be taken care of as a result of the pay out, quoted Financial Standard.