AIA Australia Life Insurance Review

AIA Australia is part of the AIA Group, a market leader in life insurance across the Asia Pacific region. The AIA Group has over 90 years’ experience covering 24 million individual policies and 10 million group scheme members through its Asia Pacific network. For over 40 years, AIA Australia has helped protect the things that matter most to Australians – their family and their future.

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About AIA Australia

AIA Australia is the nation’s largest group life insurer by market share, looking after over 2.5 million Australians. Working in close partnership with some of Australia’s largest companies, AIA Australia’s strong financial reputation is supported by an A+ Standard and Poor’s rating. AIA Australia also prides itself on its reputation for fairness and prompt, reliable payment of claims, having paid over $569 million claims in 2012. AIA Australia is also the proud recipient of numerous awards for industry excellence.

AIA Awards for 2012

  • Smart Investor Life Insurer of the Year
  • ANZIIF Life Company of the Year
  • 2012 Super Review / Heron Partnership Group Insurer of the Year 

AIA Australia  cover options

AIA Life Insurance

Life Insurance offered by AIA Australia provides a lump sum benefit to your beneficiaries upon your death or diagnosis of a terminal illness. For most occupation categories there is no maximum benefit, while for home makers there is a maximum benefit of $1.5 million.

Built-in benefits include Premium Freeze, Indexation, Terminal Illness, Final Expenses (Funeral Expenses), Financial Planning Reimbursement, Future Insurability and more. AIA also provide opportunities to combine or link life insurance with Crisis Recovery (Trauma Insurance) and Total and Permanent Disablement (TPD) Insurance.

Additional cost options include Family Protection, Needlestick Injury (for medical professionals), Waiver of Premium and the new School Fees Protector.

Income Protection Insurance

The AIA Income Protection policy can provide cover for up to 75% of your income if you cannot work due to a sickness or accident, with a maximum benefit of $60,000 per month. They offer multiple benefit and waiting period options to suit your individual situation as well as a number of built in benefits including Indexation, Waiver of Premium, Needle Injury (for medical professional), Rehabilitation Expenses, Recurrent Disablement and more.

Additional cost options include Day 1 Accident Benefit, Claim Escalation, Business Expenses and more.

Crisis Recovery Insurance

AIA Australia Trauma Insurance policy known as Crisis Recovery covers up to 58 critical illnesses, including 10 illnesses which are covered with a partial benefit. The maximum benefit is $2 million for most occupations, with a maximum benefit of $750,000 for those on home duties.

You can combine or link Crisis Recovery with Life Insurance or TPD Insurance and built-in benefits include Premium Freeze, Benefit Indexation, Financial Planning Reimbursement, Complimentary Family Protection and more.

Additional cost options include Forward Underwriting, Crisis Reinstatement, Crisis Recovery Buyback and Family Protection.

Total and Permanent Disablement Insurance

The AIA Priority Protection policy provides Total and Permanent Disablement Insurance with a maximum benefit of $5 million. Providing either stand alone or linked with life insurance, they offer multiple definitions including Own Occupation, Any Occupation and All Duties as well as a number of built-in benefits including Premium Freeze, Indexation, Financial Planning Reimbursement and more.

There are a number of options offered by AIA Australia which can be purchased at an additional cost to further enhance your policy include TPD Buy Back, School Fees Protector, Family Protection and Forward Underwriting.

Business Expenses Insurance

To protect your small business, AIA Priority Protection provides Business Expenses Insurance, which offers a monthly benefit of up to $60,000 to cover fixed business costs if you are unable to work.

Fixed business costs covered includes Accounting fees, regular advertising costs, rent, leasing costs and more. Built-in benefits include both Total and Partial Disability Benefits, Waiver of Premium, Benefit Indexation and Cosmetic or Elective Surgery Benefit.

Day 1 Accident is also offered as an additional cost option.

Sources: AIA Australia Website 23 January 2012, AIA Priority Protection PDS

Review And Save On Your Life Insurance
Published: July 30, 2013
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