Mortgage broker Aussie Home Loans will now be able to offer it's customers mortgage protection insurance, following an agreement with AMP Ltd. Several major financial institutions submitted tenders for the alliance, but a deal with AMP was chosen.
"We want to offer the product to provide the necessary protection
for families, who should not be forced into moving home at a time of
extreme stress", Aussie executive chairman John Symond said.
"Like Aussie, AMP is a major Australian brand which conveys trust
and integrity and we believe that together we can deliver solutions to
our customers that are not only unique but will deliver great value
into the future," Mr Symond said in a statement.
Aussie Home Loans has similar agreements to provide personal and car loans, with GE, Macquarie Group and ANZ.
Mr Symond suggested that many life insurance products are too complex resulting in customers failing to cover themselves adequately, and that the new AMP Loan Cover option will provide a simple and flexible process to allow people to get the cover they need.
Data from Sweeney Research showed that the average Australian is under-insured by over $200,000.
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