AIA consults to deliver Term Level
Major insurer AIA Australia has launched a new feature within its Priority Protection product.
The company announced this week it had launched “Term Level” – a new feature aimed at providing greater flexibility when matching premium structures to clients’ needs.
It said the feature achieved this by providing the predictability of a true level premium for selected terms of five, 10, and 15 years – something which would assist advisers in helping their clients avoid yearly stepped premium increases.
Commenting on the development, AIA Australia and New Zealand chief executive, Damien Mu said Term Level complemented existing stepped, level and optimum premium options and was an example of how AIA Australia works with licensees and advisers to provide greater choice to their clients as well as opportunities to assist business growth.
“We have worked closely with our advice partners, in particular with Synchron director, Don Trapnell, and tested development ideas with advisers in order to better understand which clients would value an offer of this nature,” he said.
AIA said Term Level premiums may provide significant savings during the initial term and that depending on a client’s situation and cover chosen, they might offer savings of 50 per cent or more when compared to level premiums.
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