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2023 Review of AIA Life Insurance

Megan Fraser Fact Checked Updated: 17 February 2023

AIA Life Insurance is one of the leading providers of life insurance in pan-Asia. As one of the largest insurers in the country, AIA Australia has a strong and reliable track record of providing quality life insurance products to consumers. Compare products from this insurer to determine whether they might be the right option for you.

In this review, we’ll look at what AIA Life Insurance has to offer policyholders and evaluate its performance. We’ll explore the company’s product range and analyse its customer service, claims process, financial stability, and more. Finally, we’ll summarise our findings to help you decide if AIA Life Insurance is the right choice for you.

Key facts

  • AIA Life Insurance is a leading life insurance specialist with over 50 years of experience in the industry.
  • They offer a range of products, such as life cover, TPD cover and income protection.
  • AIA Australia has an 18.3% market share, according to Plan For Life Actuaries & Researchers report in August 2022.
  • The insurer offers several discounts on premiums, including initial selection discounts and bundled discounts for multiple policies purchased together or through their rewards program AIA Vitality.
  • Pros include worldwide coverage, 24/7 access, payment frequency options premium discount.

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About AIA

With more than half a century of experience and expertise, AIA Australia stands as an outstanding leader in the life insurance industry. Their passion for health and well-being has led to their Vitality program, which rewards policy owners for making healthy decisions with exclusive discounts and offers. They also provide members with multiple options regarding life insurance, including death cover, trauma insurance, income protection and TPD cover.

AIA Australia, part of the AIA Group – an expansive publicly listed pan-Asian life insurance group spanning 18 markets in Asia Pacific – offers a selection of services to protect and enhance the lives of more than 3.8 million Australians. Backed by its parent company’s commitment to quality, AIA products will strive to prioritise your wellbeing.

Pros and Cons of AIA life insurance

Advantages:

Disadvantages

Is AIA the best life insurer?

When selecting the right life insurer for you, it is essential that their services and benefits match your individual requirements. AIA stands out among other Australian life insurers with its extensive array of products. However, it’s generally still a good idea to compare different policies side by side before deciding which one suits you best!

Types of Cover from this insurer

In order to conduct a thorough assessment of AIA’s life insurance offerings, we looked at the Product Disclosure Statement (version 27) from August 2022. Specifically, this statement provides details on term life insurance policies, income protection coverage and TPD cover options.

Life Insurance

Secure your loved ones’ future with Life Cover. In the event of your passing or a terminal diagnosis, a substantial sum is provided to reduce any financial burden and help cover outstanding debts.

Total and Permanent Disablement (TPD) Cover

TPD cover is an insurance policy designed to provide you with financial security in the event that illness or injury renders you unable to work. Generally, a lump-sum payment will generally be paid out to you to help account for lost income and other expenditures incurred as a result of your permanent disability.

Income protection

Income Protection provides you with a monthly benefit of up to 70% of your pre-disablement earnings if, due to an illness or injury, you are unable to work. This money can be used towards paying off your mortgage, health care costs and other everyday expenses. Essentially giving yourself financial security in difficult times.

Crisis Recovery

A policy of this kind will typically ensure financial support in case you experience a critical illness listed in your PDS such as Stroke, Heart Attack or Cancer.

Business expenses

Investing in this policy will give you the peace of mind that, even if your business is unable to generate income due to unforeseen circumstances, a monthly payment from the insurer will help cover essential fixed expenses.

Priority Protection Reviewed

Policy typeEntry AgeExpiry AgeMinimum CoverMaximum cover
Life insurance Plans available: Life cover, Accidental death, Term Cover.Between 10 and 74 years old, depending on your choice of premium structure.Your policy ends when you pass away or on your policy anniversary before turning 100.No minimum amount.No limit, except for the occupation of Home Duties. For Home Duties, the maximum life cover is $2 million.
TPD Cover Plans available: TPD, Accidental TPD or Universal TPD. Definitions available: own occupation, any occupation, or home.Generally between the ages of 15 and 63, depending on your premium type.Your policy might end at age 55, 65 or on your 70th birthday, depending on your occupation.No minimum amount.Generally, $5 million when purchased as a stand-alone policy. However, your occupation could influence your sum insured limits.
Income protectionBetween the ages of 15 and 59 years old. However, it depends on your occupational category.Age 55, 65 or 70th birthday, depending on your occupation.N/A$10,000 to $60,000, depending on your occupation and benefit period.
Crisis RecoveryAged between 15 and 63.Your policy will generally expire on your policy anniversary before your 70th birthday.N/AYour sum insured will be limited to $2 million. However, a maximum limit of $1 million applies for the occupational category of Home Duties.
Business expenses cover15 to 59 years old.Generally, your business expenses policy expires on your policy anniversary before your 65th birthday.N/AMaximum cover: $15,000 to $90,000 per month, depending on your occupational benefit.

Source: AIA Product Disclosure Statement version 27, prepared in August 2022 (January 2023)

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General Features and Benefits

One of the reasons for their popularity is the number of benefits that are generally built into the AIA Priority Protection life insurance products.

AIA acquisition of CommInsure

On 1 April 2021, CommInsure and AIA Australia joined forces when The Colonial Mutual Life Assurance Society Ltd (CMLA) was transferred to AIA Australia. This merger has resulted in the two businesses operating as one entity.

As of 31 March 2020, CommInsure Protection products are no longer available on the market. However, current policies will remain in place as they were before. Policyholders with older versions of this product can reach out to AIA for changes including increases or decreases in coverage plus updates to beneficiaries and policy ownership information.

AIA Vitality

AIA Vitality is a science-based health and wellness program that rewards its eligible clients for making positive lifestyle changes. AIA encourages members to focus on their physical wellbeing by awarding them points when milestones, such as walking 12,500 steps are achieved and logged. Through the combination of discounts and incentives, the program inspires healthier living habits among all participants.

Benefits of AIA Vitality include:

  • Shopping vouchers from rewards providers like Meyer, Woolworths, Uber and Ticketmaster
  • Discounts on your gym membership with select providers like Anytime Fitness, Fitness First and Virgin Active
  • Discounted flights with Virgin Australia
  • Movie vouchers
  • Fitness tracking devices available for purchase at a discounted rate
  • Spa vouchers

You will find the full list of exclusions for each specific policy type in the AIA PDS.

How to apply for an AIA insurance policy 

If you want to obtain a Priority Protection policy, there are two ways of doing so: either through our comparison site or by consulting with a financial adviser. Applying for one will require filling out an application form that requires important details about your health and personal information to be provided. After submitting the completed forms, they’ll then be sent off to the insurer for underwriting review.

Remember, though—your eligibility depends on both the type of insurance policy being applied as well as all relevant information included in your application.

How to lodge an AIA claim

Frequently asked questions

  • How does AIA compare to other life insurance providers?

    AIA is a leading life insurance provider, offering comprehensive coverage and competitive premiums. AIA plans provide comprehensive protection to your family in the event of an unexpected death or disability, as well as providing financial assistance for medical expenses or other costs associated with aging. However, it’s generally a good idea to compare all of the options available before deciding.
  • Who is AIA owned by?

    AIA Australia, part of the AIA Group – a renowned independent, publically traded pan-Asian life insurance group – offers services to policyholders in 18 countries across Asia and Pacific. They are passionate about providing their clients with unsurpassed service within the life insurance sector.
  • Does AIA own CommInsure?

    AIA Australia Limited has recently acquired CommInsure on April 1, 2021 to strengthen its foothold in the Australian market and provide customers with more benefits. By modernising life insurance services across the country, AIA is sure to be a competitive force for years to come.
  • Is AIA life insurance worth it?

    AIA life insurance may be worth considering as your cover provider. As a leading provider in the industry, they offer customers access to some of the best products and services available on the market. They also have a proven track record for providing reliable service and support. With their wide range of plans, you may find an option suited to your requirements.
  • What does AIA stand for in insurance?

    It stands for American International Assurance and is a leading provider of life insurance, health insurance, annuities, investments, and other financial services in Asia-Pacific. It has operations in 18 countries. AIA provides a wide variety of products and services to meet the needs of individuals, families, businesses and organisations.
  • What premium types are available on AIA policies?

    When it comes to this insurer, you are typically provided with several options when deciding on your premium type. Stepped premiums usually begin cheaper but will increase over time as you get older; level premiums tend to be more costly upfront, yet stay the same regardless of age. Additionally, term-level and optimum premiums may be available depending upon the chosen policy and whether it is taken within a Super account.

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