ASB has launched Compassionate Care, a free home loan benefit designed to provide support for customers when they need it most.
The benefit will cover a customer’s home loan interest costs for around 12 months if one of the borrowers on the home loan passes away. From today, around 160,000 ASB customers will automatically be eligible.
ASB is the first and only bank in New Zealand to offer this, and executive general manager Retail Banking Craig Sims says introducing it was about doing the right thing for customers and providing them with financial support in a time of need.
“We know that mortgage repayments are one of the biggest financial commitments for most home owners, so in case the unexpected happens, we want to provide our customers with peace of mind and some breathing space during an incredibly difficult time, so they can focus on what’s important,” says Sims.
ASB has partnered with its insurance partner AIA to provide Compassionate Care, which both new and existing home lending customers are eligible for. It comes at no cost to the customer, and ASB and AIA have worked hard to ensure the process is simple and easy, with no requirement to sign up or activate the benefit.
“We will proactively identify and pay-out when customers become eligible for Compassionate Care, so there’s one less thing to worry about.
“Supporting our customers’ financial wellbeing is our main priority, and it’s important they know we are here for them, no matter the situation. Having to worry about financial stresses when someone you love passes away is the last thing we want people to be doing, so we hope this provides some reassurance and support,” says Sims.
ASB has consulted with members of its team that have gone through similar situations to ensure the process is managed well, with a trained, dedicated team to handle these sensitive matters.
ASB Compassionate Care isn’t a substitute for insurance cover that protects you and your family. It’s important that as individual circumstances differ, customers seek appropriate professional advice.
For more information please visit asb.co.nz/compassionate-care