AIA has announced that eligible policies allow customers to pay it forward by gifting life insurance. In a study commissioned by AIA, it was found that New Zealanders are underinsured and rank poorly when compared to other OECD countries as they often don’t want to think about death and the financial implications of dying on loved ones.
“New eligible AIA policies come with the option to gift life insurance to a loved one
New independent research commissioned by life, health and wellbeing insurer AIA New Zealand highlights some of the reasons why New Zealand ranks near the bottom of OECD countries when it comes to insurance protection.
The research reveals more than a third of Kiwis don’t want to think about the idea of dying and haven’t considered the financial impact it would have on their family.
Two thirds of those surveyed said that they’d never had a conversation with family about life insurance when they were growing up and one third 4 said that they don’t understand the benefits of life insurance. More than half 5 have never tackled the topic of what would happen to their finances if they were unable to work due to death, serious illness, or injury.”
Nick Stanhope, AIA NZ CEO, said that New Zealanders need to plan for the future. To help encourage the discussion and planning process AIA has announced the introduction of the Share the Love initiative. The initiative will run from 28 September 2020 and 28 February 2021 and will allow customers to gift a six-month $50,000 policy for free.
Nick Stanhope, AIA New Zealand Chief Executive, says New Zealanders need to become more comfortable with planning for their future and with having conversations about financial protection.
“Our research shows that New Zealanders generally don’t like to think or talk about these difficult but necessary topics. When it comes to protecting our finances and wellbeing our lack of financial planning is leaving us behind most other OECD countries.”
“At AIA, we want to make it easier for New Zealanders to have a conversation about why life insurance is important. It’s why we’re encouraging all new eligible policy holders to Share the Love.”
AIA’s Share the Love is a first-of-its-kind initiative in New Zealand where new policy holders are encouraged to gift a free six-month $50,000 policy to a loved one." Click here to read more
In other news