
Get exclusive money-saving offers and guides
Straight to your inbox
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.
No limit
Maximum Cover
74
Maximum Entry Age
Terminal Illness Benefit
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Product Name | AIA Life Insurance |
---|---|
Maximum Cover | No limit |
Funeral Benefit | $25,000 |
Guaranteed Renewability | |
Online application | |
Cooling-off (days) | 28 |
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.
An adviser can help you find cover from trusted life insurance brands.
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.
Pros | Cons |
---|---|
|
|
|
|
|
Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
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.
AIA Priority Protection offers a long list of features to policyholders, including:
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’s total and permanent disability insurance policy available as a standalone policy or bundled with Life Cover. Cover can be taken out as either;
Receive up to 75% of your income paid monthly if you are unable to work due to serious injury or illness.
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
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.
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
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.
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.
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:
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.
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.
Several other factors may also affect your premium amount, including:
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:
If you need to make a claim on your AIA Priority Protection policy, follow these three simple steps:
Your AIA life insurance claim will not be paid if:
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.
Q. How can I pay my premiums?
Q. What are the AIA premium payment options?
Q. Do my premiums increase each year?
Q. What premiums patterns are available on AIA policies?
Q. Can I switch my premium type?
Q. What is the minimum premium to pay each year?
Q. What happens if I don’t pay my premiums?
Q.When am I entitled to premium discounts?
Q. Do I pay stamp duty?
Q. Can I increase my Sum Insured?
Q. Can I decrease my Sum Insured?
Q. Can I cancel my policy?
Q. Is there a cooling-off period?