Is AVIVA Life Insurance still available in Australia?
In 2009, the Aviva Australia Group was taken over by the National Bank of Australia (NAB), who also fully owned the MLC Life Insurance Company. Conditions pertaining to the takeover allowed for MLC to use the Aviva brand name until Friday October 2010, after which time all its Aviva products had to be removed from the market. People in Australia looking to obtain life cover under the name Aviva Life Insurance can no longer do so, although MLC have products that are very similar. In fact they are products that, in many cases, originated under the Aviva brand.
Some of Aviva's products that now come under the MLC brand which names had been changed, include:
- Navigator Personal Investment Plan which is now MLC Navigator Investment Plan
- Navigator Personal Retirement Plan which is now MLC Navigator Retirement Plan
- Navigator Access Investment which is now MLC Navigator Access Investment
- Navigator Access Super & Pension which is now MLC Navigator Access Super & Pension
History of Aviva Life Insurance
Aviva Life Insurance is a global insurance company based in London, England. It is the sixth largest insurance company in the world in net premium income terms and enjoys a customer base with a total of 53 million policy holders in 28 countries. Its strongest presence is in the United Kingdom where it remains the market leader, although it also has a strong following in Europe, North America and Asia.
Aviva Life Insurance can follow its history back with two other major British Life Insurance companies; Norwich Union in 1797 and Commercial Union in 1861, as Aviva itself was created as a result of the merger of Norwich Union and CGU (CGU being the result of an earlier merger of Commercial Union and General Accident). The name Aviva was first adopted in July 2002, however it continued to trade under the name of Norwich Union in the UK until June 2009 when it finally fell in line with the practice around the world of trading under the name Aviva.
Overview of MLC Life Insurance
MLC Life Insurance is now the wealth management arm of the NAB, it provides investment, superannuation, life insurance as well as fire and general insurance solutions.
As the second largest provider of superannuation in Australia, it is responsible for managing over $85 billion worth of investment on behalf of its individual and corporate customers. As of June 2009, MLC manages 16 percent of the market share, as well as 14 percent of the personal insurance sector.
MLC has had more than 120 years delivering life insurance solutions to the Australian community, during which time it has received multiple awards for offering innovative products. This determination to bring contemporary life insurance cover to so many of its customers has seen it grow to the stage where as of 2007 it provided more personal insurance to Australians than any of its competition. The merger with Aviva Life Insurance two years later only served to strengthen this already sound position. MLC today offers the following personal insurance solutions to the Australian public:
- Term life insurance.
- Trauma insurance.
- Total and permanent disability insurance.
- Disability income insurance.
- Business expenses insurance.
- Child trauma cover.
- Blood borne disease insurance.
These options can be combined into the one policy, providing you adequate protection at an affordable price without being burdened with cover you don't need. MLC offers 'standard' and 'plus' options for insurance policies to provide additional flexibility.
For standard income protection insurance you are protected against any loss of income should you be unable to continue in your own trade or profession, for at least two years, after which you are only covered if you can not work in any occupation at all.
If you opt to pay an extra premium on the Income Protection Plus plan you will receive cover beyond the initial two years. This means you will not have to look around for another job other than what you are qualified for. Policyholders who have MLC critical illness insurance receive an additional benefit of access to high quality doctors and medical advice. This privileged access is available to you as the policy holder and to your immediate family members.