AIA will offer a fully compliant product covering life, terminal illness, total and temporary disablement, and involuntary redundancy at "extremely competitive" premiums.
"With burgeoning consumer debt, fuelled by black and white goods, ‘big ticket’ items such as a motor vehicles and boats there is an ever present need to protect the borrower and lender," AIA says.
With impending changes to the Credit Contracts and Consumer Finance Act – there are new strict guidelines to its sale and administration.
The amended act specifies three key obligations:
AIA believes this will dissuade many smaller providers from continuing to offer and administer their own product, rather they will move toward a fully underwritten and supported product – such as one offered by AIA.
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