Aviva will now provide income protection for Australians in high-risk occupations and non-working spouses.
The Income Daily Living offering covers risky occupations such as labourers, window cleaners and motorcycle couriers, and also recognises the needs of non-working or part-time working spouses taking care of their children.
The cover provides a benefit of up to $5000 per month in the event of the insured being unable to perform two out of five activities of daily living. It also offers six times the monthly benefit in the event of a defined critical condition occurring.
The offering automatically includes Aviva's child income benefit, which provides up to $15,000 in the event that a dependant child is diagnosed with one of 16 defined critical illness conditions.
The product was a direct result of feedback Aviva received from financial advisers wanting to offer a solution for all of their clients, Aviva general manager of wealth protection products Natalie Eckersall said.
"We wanted to ensure this benefit was truly meaningful by extending it to provide an income stream in the event of the customer suffering a critical condition," she said.
"We also recognise that stay-at-home parents require insurance. Research indicates that the cost of outsourcing home duties, normally performed by the non-working spouse, can add up to over $45,000 per annum."
