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AIA Crisis Recovery Cover

AIA Life InsuranceIf you’re one of the 1 in 2 men that suffer from cancer throughout their lifetime[1], or one of the 1.4 million Australians who suffer from heart disease[2], you know how stressful a medical condition can be – both financially and emotionally. Along with the debilitating effects of an illness, your finances can also take a hit in the form of medical bills, rehabilitation costs and loss of income.

If you’re too sick or injured to take care of your home and family, AIA Australia’s Crisis Recovery Cover can help take the financial pressure off an already stressful situation. As AIA’s trauma insurance policy, Crisis Recovery Cover will pay you a lump sum benefit of up to $2 million if you’re diagnosed with one of AIA’s specified critical illnesses or injuries. These include cancer, stroke, heart attack, loss of limbs, and loss of eyesight. With Crisis Recovery Cover, you can help make sure that you have the financial support you need when your lifestyle suddenly changes.

What conditions trigger a payout?

AIA Australia has 3 crisis event groups – Cancer, Coronary, and other – which contain a combined total of 48 specified serious medical conditions.

Some of these are:

  • Hodgkin’s disease
  • Leukaemia
  • Skin Cancer
  • Heart Attack
  • HIV
  • Alzheimer’s
  • Liver disease
  • Lung disease
  • Loss of speech
  • Major burns
  • Multiple Sclerosis
  • Coma
  • Sever diabetes

Is there a waiting period to receive my benefit?

Some of the crisis events – such as heart attack, diabetes, and leukaemia – will not trigger a payout if you suffer from these conditions within three months of the benefit being activated.

What types of cover can I choose from?

Crisis Recovery Cover can be purchased either as a stand-alone cover or included as rider benefit within your AIA Australia Life Cover.

The main benefit of including Crisis Recovery Cover as a rider benefit within your Life Cover is the reduced premiums you pay. However, any claim made under the Crisis Recovery rider benefit will reduce the total sum insured under your Life Cover benefit.

What’s included?

Along with a lump sum payout of up to $2 million, your Crisis Recovery Cover could also include:

  • Premium Freeze
    You can freeze the cost of your premiums rather than pay annual increases. This is only available if you pay stepped premiums and are over 35, and it will also reduce the amount you’re insured for.
  • Benefit Indexation
    You’ll receive annual increases on the amount of your insurance to keep in line with the Consumer Price Index, or 5% – whichever is higher. Because of this, your premiums will also increase, but you have the option to accept these changes or not.
  • Death benefit
    If you die before your cover expires, AIA Australia will pay your nominated beneficiaries up to $5,000 to help with immediate expenses.
  • Keep your cover even after it expires
    Because your Crisis Recovery Cover will cease when you reach the age of 70, AIA Australia will convert the benefit to a ‘Loss of Independence’ benefit. This will enable you to remain covered under the policy until you reach the age of 100, and you could be insured for up to $2 million depending on your occupational category. This benefit is only available if your Crisis Recovery Cover is included as a rider benefit within your AIA Australia Life Cover insurance.
  • Financial planning reimbursement
    If you need additional assistance when it comes to managing your finances after making a claim, AIA Australian can reimburse the cost of talking to a registered financial advisor about how to invest or manage your benefit.
  • Complimentary Family protection
    You can include your children in your cover as well. If you have children aged between 2-years-old and 18-years-old and they suffer from a serious illness of injury, you’ll receive a payment of up to $20,000.For an additional cost, you can also reinstate your total sum insured after you make a claim. If you’re diagnosed with Prostate Cancer and paid a Crisis Recovery benefit in full, AIA Australia will allow you to repurchase your sum insured so that you can make multiple claims throughout your lifetime.
  • Chronic Diagnosis Advancement
    AIA Australia will pay you an advance benefit of up to 25% of your insured sum if you can confirm your diagnosis for certain Crisis Events. The amount paid will reduce your final payment by the same amount.

Want to see how AIA Australia measures up? You can compare this premium with other trauma covers through our free quote service.

[1] Australian Institute of Health and Welfare & Australasian Association of Cancer Registries 2012. Cancer in Australia: an overview, 2012. Cancer series no. 74. Cat. no. CAN 70. Canberra: AIHW.

[2] National Heart Foundation of Australia, 2007 (Report by Vos T and Begg S, Centre for Burden of Disease and Cost effectiveness, University of Queensland School of Population Health). The burden of cardiovascular disease in Australia for the year 2003.

Page last updated: April 15, 2014