|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Tereora drives off from life insurance READ ON Dismiss
Last Article Uploaded: Friday, September 17th, 11:30AM


Latest Headlines

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

« AIA offers more commissionSouthern Cross Health latest claims statistics revealed »

Special Offers

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

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

FMA licensing workshops popular with Fidelity Life advisers
A series of online licensing support workshops jointly hosted by Fidelity Life and the Financial Markets Authority have attracted almost 200 adviser registrations.

Check your cover and win a prize - ICNZ
This week is Money Week and the Insurance Council of New Zealand (ICNZ) is encouraging New Zealanders to make one day their ‘Insurance Day’ to ensure their insurance meets their needs.

Tower hits the water with boat insurance offering
Tower Insurance has announced it will now be offering boat insurance policies online. 

$10k scholarship for insurance professionals opens
Submissions are now open for a scholarship designed to support the professional growth and development of insurance industry practitioners in New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News


Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and