Pina Sciarrone

Leading life insurer AIA Australia today announced a number of enhancements to its top-selling Priority Protection product, including a new option for business owners to quickly and easily top up their cover without a medical assessment.

The new Business Safeguard Forward Underwriting Benefit (FUB) allows business owners to increase their life, total permanent disability (TPD) and crisis recovery insurance when they start a business, increase their equity holding in an existing business or are promoted to a position where they are critical to the business’s operation. In each case, cover can be topped up without providing evidence of health.

AIA Australia’s Chief Retail Insurance Officer,

, said the new option was designed for time-poor business owners looking for a flexible and simple way to top up cover at key 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,” said Ms. Sciarrone. “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.”

To provide peace of mind for customers who have already made a TPD or crisis claim, AIA Australia has also added the option for these claimants 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.

“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,” Ms. Sciarrone said.

The new Priority Protection enhancements were part of AIA Australia’s regular review process to ensure their product range and premium rates for lump sum products reflected the changing needs of Australian life insurance customers and their advisers.

Priority Protection is also available on more platforms than any other provider in the market and is attached to leading health and wellness program AIA Vitality.

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