Aviva Life Insurance
Just like MLC, Aviva Australia is another company owned by National Australia Bank (NAB), and with MLC, Aviva has the largest combined insurance options for individuals and group insurances. Aviva offers seven types of life insurances, two of which directly involve death. The other five types of life insurances involve critical illnesses and/or compensations for disabilities for being unable to work.
Aviva Protection – Life in its original form only has death cover. With an additional but optional premium, the insured can include the disability cover, which can allow the insured to let the beneficiary receive a lump sum in the case of not just death but in the case of disability. This policy can be held through an Ordinary Policy or Superannuation Policy, which is through a trustee and superannuation fund.
The standard benefits under the Aviva Protection – Life include death benefit, financial planning benefit, funeral assistance benefit, and terminal illness benefit. Other optional benefits are business protection option, disability buy back option, and waiver of premium option. Another option is Aviva Protection – Recovery Money, which has the features of Aviva Protection – Life, but also includes the benefits if the patient is diagnosed with a critical illness.
Under Aviva Protection – Life, the insured does not have any maximum limit in terms of the sum insured for. The limit for the disability coverage is $3,000,000.
If you would like further information on any Aviva Life Insurance Policy or Cover, contact our Life Insurance Consultants by using the online form on the right hand side of this page.