AIA life insurance

AIA Priority Protection Superannuation Life Cover

Why Consider AIA life cover through your super?

You can find many benefits from getting an AIA Superannuation Life Cover Plan such as giving your family, dependents and beneficiaries source of income if something should happen to you in the future, giving you and your loved ones better peace of mind.The essence and value of getting an AIA Superannuation Life Cover Plan is giving your family and loved ones financial security when you are no longer around to provide for them. Life can be so unpredictable and accidents often happen when you least expect them and the best way to protect your family is to take measures to provide them financial security.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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AIA Superannuation Life Cover Plan Benefits

Getting life insurance is the best way you can provide security to your family. Your life insurance policy will serve as a supplemental financial source to support the financial needs of your family. A superannuation life cover plan is very important to the major provider of the family, as the monthly benefit their family will receive can be used to pay the utility bills like water, electricity, rent, telephone and other similar expenses. It can also be used to pay for your children’s education and the daily expenses incurred in running the household. This will take the burden off your family members knowing that they can keep up with their financial obligations .

Some policy holders also use their superannuation life cover plan benefits in planning their estate or donating it to charities in cases where they have no other beneficiaries or dependents. You can also use your life cover plan to supplement your other forms of benefits taken from other sources such as an income protection plan and business expenses plan, should you become disabled and no longer able to work. You can also use your superannuation life cover plan as financial aid for your medical expenses.

AIA Australia has several products that are aimed at providing Australians with a way to safeguard their financial future, as well as that of their loved ones. AIA Priority Protection Superannuation Life Cover is one such product which provides benefits such as:

  • Two insurance policies in oneWith AIA’s Superannuation Life Cover, you have the advantage of obtaining two insurance policies in a single plan - Life Cover and Permanent Disablement with Crisis Recovery cover. By opting for this type of plan, you can ensure that not only is your family’s future safeguarded, but you have also taken some vital steps in ensuring that you will have the money to take care of medical expenses that arise from disablement or life-threatening illness.
  • Considerable cost savingsThis type of plan results in considerable cost savings as you are required to pay fees for only one policy even though you are essentially getting the advantage of two different types of insurance covers. Also, since the Life Cover component of the policy will be held within superannuation, you may even be able to claim tax deduction on the premiums paid for the same. And as the Permanent Disablement component of the plan is owned outside of super, you may not have to pay any tax on the claim amount, whenever you become eligible for the same.

How AIA Superannuation Life Cover Plan Works for You

If you die or are diagnosed with a terminal illness, you can use your superannuation life cover plan benefits which are given in the form of a lump sum payment if these conditions occur prior to the expiration of your life cover plan. For as long as your policy is in force, you are covered and protected by your superannuation plan against uncertain events such as injuries, accidents or disablement and serious illness. Your trustee or beneficiaries will be able to claim the lump sum amount provided by your plan. Policy holders who include a total or permanent disablement benefit with their superannuation life cover plan, or the double total and permanent disablement benefit in some cases, you will be paid a lump sum once you become totally or permanently disabled.

There are different plans that you can avail with the AIA Superannuation Life Cover Plan. This includes the Total and Permanent Disablement benefit or the Double Total and Permanent Disablement benefit as mentioned above and the Total and Permanent Disablement Buy-Back benefit that can serve as a rider to your Total and Permanent Disablement benefit. There is also another product, the superannuation accidental death benefit where the policy holder’s beneficiary will be paid a lump sum benefit in the cause of the death being solely due to an accident. You can also arrange with your AIA superannuation life cover plan that your beneficiary will be paid in a lump sum if you die or diagnosed with a terminal illness.

There are many options available for you such as linking your superannuation life cover plan benefit in combination of any of the above plans under your superannuation arrangement. Take note that you don’t need to take all plans offered by your AIA superannuation plan. You can choose from any of these options which will work best for your needs. If you find yourself uncertain in deciding which life cover plan will suit you, talking to a financial adviser will help you determine your needs and recognise the best superannuation plan for your future family needs.

Eligibility requirements for the AIA Superannuation Life Cover Plan

In order to be eligible for the superannuation life cover plan you need to meet certain requirements. You should not be over 65 years old or if you are over 65 years old but not more than 75 years of age, you must be gainfully employed at least 40 hours within the period of 30 consecutive days of the same year when the contribution for your premium is to be paid. Your premium contribution can be made by personal payment or may be made through your employer as salary deduction or in the form of employment benefit.

Important considerations with your AIA Superannuation Life Cover Plan

Should you make the payment of your premiums through your employer, you must ensure that you are informed if they stop the payments for your AIA Superannuation Life Cover Plan. This is vital since your policy will be terminated once you failed to pay for your obligations, this means you will no longer be covered against eventualities such as accidents, injuries and or death. It is also best not to consider your superannuation life cover plan benefit as an investment since you cannot withdraw your contributions once you already paid them as they are preserved or kept until you meet the required condition for its release as in the case of death, terminal illness or permanent incapacity. Transferring your superannuation benefits to another complying superannuation plan or fund is allowed.

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William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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