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AIA Life Insurance Review
More than just life insurance - Compare cover from AIA and receive a quote securely.
AIA Australia is a global life insurance company that provides comprehensive and flexible life covers to Australians. Its Australian life insurance products, are constantly under review, thereby making sure that the changing needs of the population are always fully met.
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Maximum Cover
74
Maximum Entry Age
No limit
Terminal Illness Benefit
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Details
| Product Name | AIA Life Insurance |
|---|---|
| Maximum Cover | No limit |
| Funeral Benefit | $25,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 28 |
| Online Quote |
AIA Life Insurance customers are also eligible for its Vitality Rewards program – a program that rewards efforts to improve your health with discounts on premiums and travel vouchers.
This means extra value to its life insurance customers.
Get a quote for AIA Life Insurance
An adviser can help you find cover from trusted life insurance brands.
- Get competitive quotes from multiple brands
- Lower rate of declined claims (according to ASIC)
- Save time and effort
| Maximum cover amount | No set maximum sum insured. Your sum insured will be determined when you apply. |
|---|---|
| Age of entry | 10 - 75 |
| How do I apply? | With an adviser over the phone |
Based on AIA Life Cover Plan. Age of entry will vary based on any additional benefits you add to your policy.
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
- Best Term & TPD Insurance 2015, Money Magazine Best of The Best
- 2015 Life Insurer of the Year - ANZIIF
- 2012 Life Insurance Company of the Year – ANZIIF Awards
- 2011 Best Overall Value – Canstar Cannex
- 2011 Best Income Protection – Canstar Cannex
- 2011 Winner for Outstanding value – Income Protection Insurance - Canstar Cannex
- 2011 Winner for Outstanding value – Life Insurance Australia - Canstar Cannex
- 2011 Best Term Life & TPD – Money Magazine
- 2011 Best Life Cover Plan – Asset Innovation
- 2011 Group Insurer of the Year – Super Review
- 2011 Best Business Overheads product – Money Management’s Adviser Choice Risk Awards
About AIA Australia
AIA Australia Limited, as it is now known, previously traded as AIG Life. AIG Life had been providing life cover in Australia for more than 30 years and it will now be continuing this involvement with the Australian people as AIA Australia which is a subsidiary of the American International Assurance Company Limited, a global specialist provider of risk management products designed to protect the financial interests as well as the welfare of the Australian people.
AIA Group Limited, along with its subsidiaries, of which AIA Australia is one, is collectively known as the "AIA Group" or more simply "the Group". The Group is made up of the largest publicly listed pan-Asian life insurance group on the planet. It is spread over 15 markets in the Asia-Pacific area where it is able to track its beginnings back over 90 years, in that time having built up assets totalling US$107.9 billion.
The AIA Group has one of the more extensive network of any life insurer in the region, its highly diversified presence reduces country and market risks and as a result policy holders receive greater financial stability of the developed markets as well as the benefits deriving from the growth potential of the emerging markets.
What are some of the features are offered by AIA’s policies?
AIA Priority Protection offers a long list of features to policyholders, including:
- Death benefit. AIA Priority Protection pays a lump sum benefit if you die or are diagnosed with a terminal illness. This benefit can be used to provide financial support for your family, helping them pay the bills, maintain their standard of living and cope with the financial impact of your death.
- Financial planning reimbursement. If your claim for death or terminal illness is accepted, AIA Priority Protection provides up to $3,000 cover for financial planning advice.
- Premium freeze. You can lock in your premium at the same level each year by reducing your sum insured.
- Complimentary family final expenses. You will receive a lump sum benefit of up to $20,000 if one of your dependant children passes away or is diagnosed with a terminal illness.
- Guaranteed future insurability. When you experience a significant personal or business event, you can apply for an increase in cover without having to provide further medical evidence.
- Final expenses. If you pass away, an advance benefit payment of $25,000 or 10% of your sum insured will help your loved ones cover any immediate financial expenses.
- Additional options. A range of additional options can be included with your AIA Priority Protection policy for an extra cost, including TPD cover, a crisis recovery benefit and forward underwriting.
What policies does AIA offer and what are the benefits?
AIA Priority Protection Life Cover
AIA’s premiere life cover policy, providing a lump sum benefit for death or terminal illness. This policy offers five- or ten-year terms and a range of flexible payment options to choose from
AIA Life Cover benefits
- Premium Freeze
- Benefit Indexation
- Guaranteed Future Insurability
- Complimentary Final Expenses Cover
- Interim Life Cover
- Terminal Illness Cover
- Funeral Expenses Cover
- Financial Planning Reimbursement
AIA Priority Protection TPD Insurance
AIA’s total and permanent disability insurance policy available as a standalone policy or bundled with Life Cover. Cover can be taken out as either;
- Any Occupation: Benefit provided if policyholder is no longer able to perform duties of a task they are suited to due to illness or injury.
- Own occupation: Benefit paid if policyholder is unlikely to be able to perform the duties of their own occupation again.
- Home Duties: Benefit paid if policyholder is unable to perform all normal domestic duties.
- Partial and permanent disablement: 25% of benefit paid for the permanent loss of use of:
- One arm
- One leg
- Sight in one eye
Key benefits:
- Premium freeze
- Benefit indexation
- Guaranteed future insurability
- Financial planning reimbursement
AIA Priority Protection Income Protection Insurance
Receive up to 75% of your income paid monthly if you are unable to work due to serious injury or illness.
Key benefits
- Carers allowance
- Retirement optimiser
- Complimentary interim accidental death and income protection cover
- Benefit indexation
- Agreed value
- Indemnity value
- HIV/AIDs cover
- Waiver of premium
- Rehabilitation expenses
- Recurrent disablement
- Severity benefit
- Death benefit
- Worldwide protection
- Needlestick injury benefit
- Crisis recovery benefit
- Guaranteed future insurability
- Cosmetic or elective surgery benefit
- Terminal illness benefit
AIA Crisis Recover Insurance
AIA offers crisis (trauma) recovery insurance as a standalone product or as an added benefit of life insurance. Crisis Recovery pays out a lump sum in the event where you suffer a listed critical event
Benefits of AIA Crisis Recovery
- Cover for various critical conditions
- Death benefit
- Premium freeze benefit
- Complimentary accidental death cover
AIA Business Expenses Insurance
Provides business owners with cover for the fixed expenses of their business in the event that they are forced to take time out of work due to injury or illness. The benefit will provide cover for all expenses less any amounts that may be reimbursed from other forms of cover.
Key benefits
- TPD Benefit
- Waiver of premium
- Benefit indexation
- Cosmetic or elective surgery benefit
AIA Superannuation Life Cover
Provides life cover through a Super Account - either a SMSF or AIA owned Super Fund. Benefit paid to the fund trustee in the event of death or terminal illness
Key benefits
- Complimentary interim accidental death cover
- Premium freeze
- Benefit indexation
- Guaranteed future insurability
- Terminal illness benefit
Am I eligible for these policies?
| Plan | Entry age* |
|---|---|
| Life Cover | Between 11 and 75 |
| Income Protection | Between 16 and 60 |
| TPD | Between 16 and 64 |
| Crisis Recovery | Between 16 and 64 |
| Superannuation life cover | Between 16 - 64 |
*Varies with the category of your occupation and the benefits you wish to add. It's a good idea to speak to an adviser to ensure you are eligible for cover.
Does AIA have any rewards programs included with its cover?
AIA offers its Vitality rewards program to people who hold an eligible AIA life insurance policy. Designed to help you change your overall health and wellbeing for the better, AIA Vitality offers a wealth of online resources to help you understand your health and improve it, and enjoy a range of rewards for your hard work.
What types resources are available?
Vitality members can earn reward points (known as Vitality Points) by undergoing a number of health checks and assessments. Some of these can be completed online and others are conducted in the real world by health professionals. Assessments available include:
- Health reviews
- Mental wellbeing assessments
- Health checks
- Vaccinations
- Dental assessments
- AIA Vitality Health Checks
- Fitness and nutrition assessments
You can earn further reward points by taking steps to improve your health, such as joining a partner gym, quitting smoking or purchasing fitness devices and apps. Your Vitality Points can then be redeemed for a wide range of rewards with AIA and partner retailers, including premium discounts, spa discounts, cheap movie tickets, shopping rewards and discounted travel packages.
To join AIA Vitality, speak to your financial adviser.
What discounts are available?
- Initial selection discount. You will receive a discount for the first two years of your policy if you purchase cover with stepped premiums.
- Large sum insured discount. If your life cover sum insured is $250,000 or more, you may be eligible for a premium discount.
- Bundled discount. You may receive a premium discount for bundling your AIA life insurance together with another AIA policy.
How are my premiums paid?
AIA life insurance premiums can be paid monthly, half-yearly or yearly. The cheapest option is to pay your premiums yearly, as an extra 5% charge applies if you pay half-yearly or 8% if you pay monthly.
You can pay your premiums using a Mastercard, Visa, Diners Club or American Express credit card, or via direct debit from your nominated bank account. BPAY and Post Billpay are also acceptable if you pay your premiums on a half-yearly or yearly basis.
AIA life insurance benefits are indexed so that the sum insured increases in line with changes to the Consumer Price Index. As a result, your premium will be adjusted to reflect the higher sum insured.
Factors that affect the cost of your premium
Several other factors may also affect your premium amount, including:
- Your gender
- Your age
- Your smoking status
- Your occupation
- Your overall health
- Whether you choose stepped, level or hybrid premiums
- Any discounts that may apply to your policy
What other charges are there?
At the time of writing, a policy fee of $80.99 per year per life insured applied to all AIA Priority Protection policies. This fee is charged in addition to your policy premiums and increases each year in line with the change to the Consumer Price Index.
Other factors that may affect the total cost of cover include:
- Lost policy document fee. You may be charged a fee of up to $100 for reissuing a lost policy document.
What if I need to make a claim with AIA?
If you need to make a claim on your AIA Priority Protection policy, follow these three simple steps:
- Contact AIA. Your financial adviser can contact the AIA's claims team by phone or email.
- Provide details. Provide your policy number, details of your claim and your contact details.
- Fill out forms. Your adviser will be sent claim forms by email, mail or fax within 24 hours. These forms need to be filled out and returned to AIA, along with any requested supporting documentation, as soon as possible.
What are some of the key exclusions of AIA life insurance?
Your AIA life insurance claim will not be paid if:
- It occurs as a result of death from suicide in the first 13 months after cover commences or is reinstated
- It occurs due to any intentional self-inflicted injury
Exclusions for specific benefits
There are also several other exclusions that apply to specific policy benefits. For example, no Family Protection benefit or Complimentary Family Final Expenses benefit will be paid if the claim arises due to an intentional self-inflicted injury by the insured child, or due to an event intentionally caused by the insured child’s parent, guardian or relative.
A full list of exclusions and the benefits they affect is available in the PDS.
AIA Life Insurance FAQs
Q. How can I pay my premiums?
- A. Premiums can be paid by:
- Mastercard
- Visa Card
- Diners Card
- American Express
- Direct Debit
- BPay and POSTbillpay for half-yearly and yearly premium payments
Q. What are the AIA premium payment options?
- A. This will depend on the product that has been selected. Most policies will allow monthly, half yearly and annual payment of premiums. Annual premium payments will reward the policy owner with a premium discount.
Q. Do my premiums increase each year?
- A. Premiums can be subject to change based on a number of factors including:
- Age
- Indexation of benefits for CPI
- Increases across all AIA policy premiums
Q. What premiums patterns are available on AIA policies?
- A. Applicants are able to take out stepped, level or optimum premium patterns
- Stepped: Premiums will increase each policy anniversary
- Level: Premiums will remain the same each year
- Optimum: Premiums will commence on a stepped pattern before referring to level
Q. Can I switch my premium type?
- It is not possible to switch from optimum to stepped or level.
- It is possible to switch from level to stepped.
- It is possible to switch from stepped to level.
Q. What is the minimum premium to pay each year?
- A. The minimum premium is $300 per year inclusive of the annual charge and stamp duty.
Q. What happens if I don’t pay my premiums?
- A. AIA will cancel your policy if your premiums are not paid in full within 60 days of the date that the premium is due.
Q.When am I entitled to premium discounts?
- A. Multi-Policy discounts are available with 2 plans bringing a 5% premium discount and three plans bringing a 10% premium discount.
Q. Do I pay stamp duty?
- A. Yes. Stamp duty charges vary state to state from 0-11%
Q. Can I increase my Sum Insured?
- A. You can request to increase the sum insured or monthly benefit on your policy at any time though you may be required to undergo additional underwriting.
Q. Can I decrease my Sum Insured?
- A. You can decrease the sum insured or monthly benefit at any time.
Q. Can I cancel my policy?
- A. You are permitted to cancel your policy at any time. If premiums have been paid in advance, AIA may refund the unexpired portion of the premium less any cancellation fees.
Q. Is there a cooling-off period?
- A. Yes. Each policy is issued with a 28-day cooling-off period whereby the cover can be cancelled and a full-refund of any premium payments made will be repaid to the policyholder or the fund trustee.
