AIA Australia – Life Insurance
AIA Australia – Life Insurance
AIA Australia is part of the AIA Group — the largest publicly-listed life insurance group in the Asia–Pacific region, with a presence in 18 markets.
AIA Australia is a life insurance specialist with over 47 years of experience. It offers a range of products that protect and enhance the lives of more than 3.8 million Australians and it’s recognised as a market leader in product innovation and development.
AIA’s health and wellbeing program AIA Vitality is a personalised, science-backed program that supports you every day to make healthier choices. It helps you to understand the current state of your health, provides tools to improve it and offers great incentives to keep you motivated on your journey. These include lifestyle rewards, savings on your everyday expenses and even discounts on your life insurance premiums.
Information on this page was last updated on 02/11/2023 and is subject to change by the product issuer. While Choosi makes best endeavours to ensure the accuracy of this information, we recommend that you always consider the most up-to-date information on a product you are interested in, which will be available on each brand’s own website.
Life Cover
- A lump sum is paid if you die or become diagnosed with a terminal illness (with life expectancy of less than 24 months).
- Choose between an Ordinary Plan, a Linked Benefit or a Superannuation Plan.
- Up to 90 days of complimentary interim accidental death cover while your application is assessed.
- Apply for amount of cover (maximum dependent on occupation) for all occupations including home duties (home duties has a maximum cover of up to $2 million).
- Built-in benefits:
- Death and terminal illness benefit.
- Final expenses benefit – available on a Life Cover Ordinary Plan only – 10% of Life Cover Sum Insured amount (up to a maximum of $25,000) advance payment while claim is being assessed (subject to approval and requirements).
- Complimentary Family Final Expenses benefit – available on a Life Cover Ordinary Plan only – pays the lower of $20,000 or 10% of sum insured if your child passes away or is diagnosed with a terminal illness between the ages of 2 and 17.
- Guaranteed future insurability benefit – allows you to increase your sum insured for significant personal or business events before age 55, without providing further evidence of your health or insurability.
- Benefit indexation – increases your sum insured at the policy anniversary each year by 5% or CPI (whichever is higher) to keep up with increases in the cost of living.
- Premium freeze – allows you to keep your premium the same for the following year by reducing your sum insured amount. You must be at least 35 years old and paying Stepped premiums.
- Financial planning reimbursement – available on a Life Cover Ordinary Plan only – pays up to $3,000 to reimburse financial planning advice obtained within 12 months of a claim payment across all policies.
- Various optional benefits available.
- Complimentary Family Final Expense benefit with the option of adding Family Protection benefit (outside super).
- Conversion option – allows you to transfer your Superannuation Life Cover Plan to an Ordinary Plan prior to the policy anniversary before your 75th birthday.
- Choose between stepped, level or optimum premium options.
- 30-day cooling off period.
Crisis Recovery
- A lump sum is paid to help ease the financial burden of paying your bills, making loan repayments and meeting unexpected medical costs and out-of-pocket expenses, should you suffer a traumatic or listed crisis event or are diagnosed with a defined Crisis Event condition. A qualifying period applies.
- Home duties up to $1 million and up to $2 million worth of cover depending on your occupation category.
- Can be purchased as a standalone cover (Ordinary Plan) or as an optional benefit under a Life Cover (Ordinary Plan or Linked Benefit) policy.
- Built-in benefits:
- Chronic diagnosis advancement – advances a partial payment if you’re diagnosed with certain defined crisis events.
- Conversion to loss of independence – (not available under a Crisis Recovery Standalone benefit) – ability to convert your crisis recovery benefit to a loss of independence benefit prior to the policy anniversary before your 70th birthday.
- Complimentary Family Protection benefit – pays a lump sum of $20,000 per child if your child passes away or is diagnosed with one of the listed Complimentary Family Protection Crisis Events between the ages of 2 and 17.
- Death benefit – available under a Crisis Recovery Standalone policy only – pays a lump sum up to $5,000 if you pass away and no benefit is payable for a crisis event.
- Terminal Illness benefit – available on a Crisis Recovery Stand Alone policy only – pay a lump sum equal to the crisis recovery sum insured on diagnosis of a terminal illness (with life expectancy of less than 24 months). A three-month qualifying period applies.
- Up to 90 days of Complimentary Interim Accidental Crisis Recovery Cover – pays a lump sum in the event that you suffer a crisis event while your application is assessed, solely as a result of an accidental injury.
- Up to 90 days of complimentary Interim Accidental Death Cover while your application is assessed (available in standalone cover only).
- Benefit indexation – increases your sum insured each year by 5% or CPI (whichever is higher) to keep up with increases in the cost of living.
- Premium freeze – allows you to keep your premium the same for the following year by reducing your sum insured amount. You must be at least 35 years old and paying Stepped premiums.
- Financial planning reimbursement – pays up to $3,000 to reimburse financial planning advice obtained within 12 months of a claim payment across all policies.
- Choose between stepped, level or optimum premium options.
- Cover applies to anywhere in the world, 24 hours a day.
- Various optional benefits available.
- 30-day cooling off period.
- Option to increase your Family Protection benefit or add Crisis Extension.
Total and Permanent Disablement (TPD)
- A lump sum is paid if you suffer Total and Permanent Disablement due to injury or sickness.
- Maximum cover amount of up to $1 million, $2 million or $5 million depending on your occupation category.
- Can be purchased as a standalone cover or as an optional benefit included under a Life Cover policy (see above) or a Crisis Recovery Stand Alone policy (see above).
- Three types of cover available both inside and outside of super:
- TPD – pays a lump sum if you suffer total and permanent disablement due to injury or sickness.
- Accidental TPD – pays a lump sum if you suffer total and permanent disablement due to a defined accidental injury.
- Universal TPD – for specified occupations only, pays a lump sum if you suffer a defined Loss of Independence, Mental Illness, Motor Neron Disease or Paralyses that is total and permanent.
- Built-in benefits:
- Benefit indexation – increases your sum insured each year by 5% or CPI (whichever is higher) to keep up with increases in the cost of living.
- Premium freeze – allows you to keep your premium the same for the following year by reducing your sum insured amount. You must be at least 35 years old and paying Stepped premiums.
- Up to 90 days of complimentary Interim Accidental Total and Permanent Disablement Cover – pays a lump sum outside superannuation in the event that you become totally and permanently disabled while your application is assessed, solely as a result of an accidental injury.
- Cover applies to anywhere in the world, 24 hours a day.
- Choose between stepped, level or optimum premiums – available on TPD and Universal TPD standalone policies only.
- Various optional benefits available.
- Financial Planning benefit of up to $3,000 when your policy is held outside of super.
- Option to add TPD Buy-back only available where TPD is purchased as an optional benefit under a Life Cover policy.
- Conversion option – allows you to transfer your TPD cover under a Superannuation Life Cover Plan to an Ordinary Plan prior to the Expiry Date of your TPD benefit. Expiry at age 70 (depending on your occupation category).