Life insurers reach out to customers affected by bushfires

Eligible AIA Australia and CommInsure Life policy holders who have been affected by the bushfires will be entitled to premium waivers ranging from two to six months, depending on their product provider, according to a statement.

Lost policy documents will also be replaced without evidence or cost to the client.

AIA Australia and CommInsure Life said policy holders or their advisers must contact their relevant product provider to discuss their assistance package and eligibility by 28 February 2020.

MLC Life Insurance also announced it will waive premiums for up to three months for affected retail insurance customers. Customers under MLC Life Insurance can apply for the offer at any time between now and the end of February 2020.

Further, Zurich and OnePath Life have offered to waive life insurance premiums for affected policy holders for two months up until 13 January 2020.

“In times like these, it’s important to rally together as a community, and it’s heart-warming to see the outpouring of support and assistance that’s being delivered for people and communities across the east coast of Australia in response to the bushfires,” said AIA Australia and New Zealand chief executive Damien Mu.

“The days, weeks and months ahead will be challenging for impacted communities. We want to do our part in some small way by providing financial support for our customers when they need it most.”

MLC Life Insurance chief of group and retail partners Sean McCormack said he was deeply troubled by the significant impact of the bushfires on its customers, their families and communities.

“We want to support them in their time of need. By waiving premiums for those experiencing hardship our customers can rest assured that their life insurance cover remains in place,” Mr McCormack said.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].