AIA life insurance

AIA MaxLife Final Expenses Review

Looking for final expenses insurance? Find out if AIA MaxLife Final Expenses is right for you.

MaxLife Final Expenses is AIA's funeral insurance/final expenses policy. Continue reading our in-depth review to understand what is offered by the product.

Minimum and maximum cover amount$5,000 and $15,000
Age of entry18 - 70
How do I apply?
With an adviser over the phone
ProsCons
  • Once accepted for cover, renewal is guaranteed (even if your health changes)
  • No cover for death in the first 12 months unless it's an accident
  • 10% discount if you and your partner both take out a policy
  • Accident cover in the first 12 months won't pay if the death occurs within 90 days of the accident.
  • Stop paying premiums once you have paid the amount of your sum insured
  • Fees and charges (including premiums) can be changed at anytime

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The amount you would like your family to receive to cover your funeral expenses. If you are not sure what costs that are involved in a typical funeral arrangement, it is advised to speak to an insurance consultant.
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Am I eligible for cover?

In order to qualify for a MaxLife Final Expenses policy, you must be the following:

  • Between 18 and 70 years of age
  • An Australian citizen or permanent resident, or a New Zealand citizen living in Australia

Cover starts on the day you receive notification that your application has been accepted. The expiry date for the policy is on or immediately following your 99th birthday. If you reach this expiry date, you’ll receive a full refund of all the premiums you have paid on your policy. The policy is then cancelled and cover will cease.


What features are offered by MaxLife Final Expenses cover?

MaxLife Final Expenses offers the following benefits to policyholders:

  • Death Cover. The policy pays a lump sum benefit of up to $15,000 in the event of death. The minimum Death Cover benefit you can apply for is $5,000. In the first 12 months of cover, the benefit is payable only for accidental death. After that time, the Death Cover benefit is payable when you die from any cause.
  • Level premiums. MaxLife Final Expenses includes level premiums, which means your premiums won’t increase as you get older.
  • Guaranteed acceptance. All applicants who meet the requirements for the policy enjoy guaranteed acceptance.
  • Easy application. It’s quick and easy to apply for MaxLife Final Expenses Cover. You can apply online or over the phone within minutes and you don’t need to undergo any medicals or blood tests. Cover begins as soon as your application is accepted.
  • Worldwide cover. Your policy offers protection wherever you go, providing worldwide protection 24 hours a day, 7 days a week.
  • Joint policy discount. If you and your partner both take out MaxLife Final Expenses Cover on the same policy, you will receive a 10% joint policy discount.
  • Guaranteed renewable. Once your application has been accepted, your cover is guaranteed renewable every year. Changes to your health, occupation or pastimes won’t affect your eligibility as long as you follow all the policy rules and pay your premiums on time. However, you can cancel the policy at any time if you wish.

What options are included?

MaxLife Final Expenses also includes the following additional benefits:

  • Premium Cap benefit. With the Premium Cap benefit in place, once the total premiums you have paid on your policy matches the sum you chose to insure, you don’t need to pay any further premiums. This means you will never have to pay more for cover than the sum you are insured for.
  • Premium Return benefit. When you reach the policy anniversary date after your 99th birthday, you will receive a full refund of all the premiums you have paid towards your policy. This benefit can provide a much-needed financial boost to policyholders who don’t end up using their funeral insurance cover. Once the Premium Return benefit has been paid, cover under your MaxLife Final Expenses policy ceases and no claims can be made.

How much will MaxLife Final Expenses cost?

The following factors will have an impact on how much your MaxLife Final Expenses policy will cost:

  • The sum insured. The higher the sum insured, the higher your premiums. The available sum you can choose ranges from $5,000 to $15,000.
  • The Premium Cap benefit. This benefit means that once the total premiums paid on your policy equal the sum insured, you will not have to pay any more for cover. Cover continues as normal under your policy but without the need to continue paying premiums.
  • Your premium payment frequency. The frequency with which you pay your premiums will affect the amount you need to pay each time.
  • Your age. The older you are, the more your MaxLife Final Expenses policy will cost.
  • Your gender. Due to the fact that men have a shorter life expectancy than women, they pay more for funeral insurance than their female counterparts.
  • Your smoking status. The many health risks associated with smoking result in higher funeral insurance premiums for smokers.
  • Any discounts that apply. The cost of cover may also be reduced by a policy discount, for example the 10% joint policy discount.

When will a benefit be paid?

If you need to make a claim on a MaxLife Final Expenses policy, it’s important to notify the insurer within 30 days after a claimable event (or as soon as reasonably possible). You can obtain a claim form by phoning or emailing the MaxLife customer service team. You can then return the completed claim form to the insurer by mail.

Within the first 12 months of cover, the benefit will only be paid for accidental death. Once this first year ends, the benefit will be paid for death by any cause.

When won’t a benefit be paid?

There are certain situations and circumstances that are not covered. MaxLife Final Expenses will not pay a benefit if any of the following occur:

  • Death occurs during the first 12 months following the commencement or reinstatement of cover and is not accidental. This includes death caused by self-inflicted injury such as suicide.
  • Death occurs during the first 12 months following the commencement or reinstatement of cover where the death occurs more than 90 days after the accident.

When will cover stop?

Cover under the MaxLife Final Expenses policy ends when any of the following occur:

  • You die
  • For the secondary life insured, the policy owner ceases cover for any reason (unless ownership of the policy passes to the secondary life insured)
  • The policy reaches its expiry date, which is the policy anniversary date on or immediately after your 99th birthday
  • You cease to be an Australian citizen or permanent resident, or a New Zealand citizen residing in Australia
  • You cancel your cover
  • The insurer cancels your policy due to the non-payment of premiums

Can I change my cover?

If you wish to cancel your MaxLife Final Expenses Cover, you can do so at any time.

However, if you want to increase or decrease your level of cover, you can’t do it under the same policy. You will instead have to apply for cover under another MaxLife Final Expenses policy. The minimum and maximum cover limits are $5,000 and $15,000.


Other things to know

There are several other factors you should consider when deciding whether MaxLife Final Expenses is right for you. These include the following:

  • The underwriter. MaxLife Final Expenses Insurance is issued by AIA Australia Limited, trading as MaxLife. AIA is the second largest life insurer in the world by market capitalisation and has been protecting the insurance needs of Australians for more than 40 years.
  • The cooling-off period. A 30-day cooling-off period applies to this policy. This means that if you change your mind about the policy within the first 30 days of taking out cover, you can cancel your policy and receive a full refund of any premium amount you have paid.
  • Premium payment frequency. You can pay your MaxLife Final Expenses premiums on a fortnightly, monthly or annual basis.
  • Premium payment options. Premiums can be paid by credit card or by direct debit from your nominated bank account.
  • Level premiums. Once you’ve been accepted for cover, your MaxLife Final Expenses premium remains the same at each policy renewal and does not increase as you age.
  • Insure more than one person. MaxLife Final Expenses allows you to insure a maximum of two people under one policy. You can insure the policy owner (the primary life insured) and the partner or adult relative of the policy owner (the secondary life insured).
  • If premiums aren’t paid. If you fail to pay your premium within 60 days of the due date (or 30 days if you pay in fortnightly instalments), the policy will lapse and you won’t be covered for any period for which you have not paid premiums.

Speak to an adviser about AIA MaxLife Final Expenses

Maurice Thach

An insurance researcher and writer for finder.com.au who loves finding an answer to the question "Am I covered for ________?" Maurice has also completed a Tier 1 Life Insurance and a Tier 2 General Insurance Certification under ASIC's Regulatory Guide 146. This means he can confidently provide general advice for life insurance and non-life insurance products.

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