Damien Mu

Life insurer AIA Australia has announced a 4-year deal with RAC to offer life insurance cover to its 800,000 members.

As a part of the agreement, two new life insurance products – RAC Life Protect and RAC Accident Protect – have been created. The products will provide life insurance protection with up to 10% bonus cover at no extra cost for RAC members.

The partnership with RAC follows recent deals struck between AIA Australia and Bendigo Bank to provide life insurance to their customers, and last year’s bancassurance agreement with Citibank.

RAC is a mutual organisation which reinvests its profits to benefit members and the community. This includes advocacy on behalf of its members to create safer roads, and more affordable and sustainable transportation options to improve the transport mobility of Western Australians.

RAC also provides car insurance, home and contents insurance, roadside assistance service, car loans and personal loans, travel services, home security and auto services to over 800,000 members.

RAC General Manager James Forbes said RAC believes that life and personal insurances are an important step in supporting the financial health of RAC’s members:

“RAC strives to provide our members with a comprehensive range of services to protect and enhance their lifestyle. By adding life insurance to our offering, we give our members the chance to protect their most important assets: themselves and their families”

“AIA Australia covers more than three million Australians with life insurance so their expertise in developing these products was vital,” Mr Forbes said.

Chief Executive Officer of AIA Australia, Damien Mu, said: “The partnership with RAC will help us to support more people with life insurance in WA. We look forward to working with such an iconic WA organisation and building value for its members.”

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