AIA enhances Priority Protection
Life insurer AIA Australia has announced a number of enhancements to its Priority Protection product, including a new option specifically targeted at business owners.
The insurer said the new option would allow business owners to quickly and easily top up their cover without a medical assessment.
It said the enhancement, the new Business Safeguard Forward Underwriting Benefit (FUB), allowed business owners to increase their life, total permanent disability (TPD) and crisis recovery insurance when they started a business, increased their equity holding in an existing business or were promoted to a position where they were critical to the business's operation.
Commenting on the enhancements, AIA Australia's Chief Retail Insurance Officer, Pina Sciarrone, 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.
"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.
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