CommInsure protection products will no longer accept new business from 31 March.
AIA Australia announced the closure of new business for the CommInsure products as part of a streamlining of the combined Retail Advised Life Risk business.
AIA Australia and CommInsure Life came together under a Joint Cooperation Agreement in November, last year.
AIA announced today that a key outcome was that CommInsure Protection products would no longer accept new business from 31 March.
It said that to deliver the best of both product sets, AIA Australia had enhanced its Priority Protection product with an involuntary benefit which was a key CommInsure Protection feature.
Comments
AIA are a disaster. Existing customers have been hit with premium increase of 50% plus over the last 2 years.
Vitality is so "successful" they have to give it away for free to sell it.
They still have the 5 year step up discounts so the products are completely un-affordable after 5 years.
Their systems and application process is in the dark ages compared to everyone else and claims management is terrible.
Now they will shut down Comminsure but jack up all of the existing customers premiums to pay for the purchase.
Anyone who values their customers should never be writing AIA.
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