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AIA, ASB join forces to offer cover

AIA says a new home loan benefit launched for ASB customers will enable it to solidify its relationship with the bank.

Tuesday, June 2nd 2020, 3:20PM 1 Comment

Len Elikhis, AIA

ASB and AIA have launched Compassionate Care, a free home loan benefit for new and existing ASB home loan customers that covers the interest costs for about 12 months if one of the borrowers on the home loan dies.

It comes at no cost to the customer, and ASB and AIA say they have worked hard to ensure the process is simple and easy, with no requirement to sign up or activate the benefit.

AIA chief product and vitality officer Len Elikhis said ASB and AIA had conducted research to understand the needs of home loan customers and determined that the death of a borrower was a significant point of stress.

Not having to pay interest costs would give customers time to work out how they wanted to proceed with the loan, he said.

AIA will be tasked with adjudicating the claims.

It gave the insurer the chance to cover a large group of people, he said, and strengthened AIA’s partnership with New Zealand.

He said it also aligned with AIA’s goal of seeing New Zealand become one of the healthiest and most protected nations in the world.

“We will proactively identify and pay-out when customers become eligible for Compassionate Care, so there’s one less thing to worry about,” said ASB executive general manager of retail banking Craig Sims.

He said it was not a substitute for insurance cover and individuals should still seek professional advice on what cover they should have.

Tags: AIA ASB insurance

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Comments from our readers

On 3 June 2020 at 2:08 pm Skeptical said:
Was curious about the numbers so thought I'd share them here in case anyone else is interested.

Average new loan size in NZ (as of 2019) = $224,752.
ASBs current floating rate 4.45%,
Average interest cost for a year (sum assured - ~$10,000
Available for 18-64 year olds, median age = 41
Approx average retail price 41 male/female (nonsmoker) for $10,000 of life cover (with no policy fee charged) = $11.64 per annum or $0.97 per month

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