Aviva targets the well-heeled

By Mike Taylor

AvivaAustralia has come to market with a new insurance product that it claims will provide greater peace of mind for wealthy individuals carrying higher levels of personal debt.

The new product is called Debt Replacement and is available within Aviva’s Income Protection Gold product.

According to Aviva’s general manager, wealth protection products, Natalie Eckersall, the product provides payment of a higher monthly income to claimants during the first 12 months of injury or illness.

“This benefit is a first in the Australian market and is currently not offered by other financial services providers,” she said.

Eckersall said that, usually, in the first 12 months of injury or illness, lifestyle adjustments had to be made to meet personal debt commitments, and, in the case of Australians earning high incomes, this adjustment was often more significant because of their committed living expenses.

“A period of illness or injury is stressful enough without having to worry about how to pay for it and maintain a standard of living,” she said.

Eckersall said that by adding the Debt Replacement option, payments in the first 12 months could be increased significantly, with only a small reduction in the ongoing monthly benefit thereafter.