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AIA Life Cover Insurance Plan

AIA Life InsuranceWhat would your family do if you were no longer around to provide for them? Looking after those you care for can be made possible with AIA Australia’s Life Cover Insurance Plan. Should you pass away or be diagnosed with a terminal illness, the Plan can pay you or your nominated beneficiaries a lump sum payout. This can be used to cover your family’s future needs, so those you care about can still have the lifestyle they planned for. This can prevent your family drawing down on their assets or taking out loans to provide for their basic day-to-day expenses.

As part of AIA’s Priority Protection range of insurance products, the Life Cover Plan is a comprehensive insurance package that includes a broad range of benefits. You can choose just the basics, or add extra benefits so you and your family receive all the financial support they need for a variety of situations.

How does it work?

Life Cover Insurance can help you with:

  • Loss of income to help your family with ongoing financial support needed to maintain their lifestyle. This can help ensure the education and health of your family doesn’t change in the event of your death.
  • Reducing debt with a lump sum paid to your family

AIA Australia’s Life Cover plan also includes a 28-day cooling off period. This means if you decide the plan isn’t right for you, you have a 28-day period to cancel your cover.

What’s included?

Along with the uncapped Life Cover benefit amount, AIA’s Life Cover Plan offers a range of built-in benefits. These include:

  • Premium Freeze*
    You can keep paying the same premium every year if you’re paying your premiums on a stepped basis and are aged over 35 (this does reduce your benefit amount).
  • Benefit Indexation
    Because you need your benefit to be as valuable to you as the day you first took it out, AIA Australia will increase your benefit amount to stay in line with inflation.
  • Terminal Illness*
    You can receive the Terminal Illness benefit if you’re diagnosed with a terminal illness with 12 months left to live.
  • Final Expenses
    If you die before your policy expires, AIA will pay your nominated beneficiaries up to $25,000 to help cover the immediate costs of a death in the family.
  • Financial planning benefit
    Because an illness or death in the family sometimes requires professional financial advice, AIA Australia can reimburse you or your family up to $3000 to cover the costs of getting a financial plan from an advisor.
  • Guaranteed Future Insurability*
    If you experience one of AIA Australia’s personal or business events before the age of 55, you’ll be able to apply for benefit increases without medical certification. These events include marriage, birth of a child, death or a spouse or a child, or if your value in a business increases.
  • Complementary Final Family Expenses
    If your child is diagnosed with a terminal illness or passes away, AIA Australia will provide you with a lump sum amount of up to $20,000. This benefit covers all of your children, and a claim on one child does not effect the benefit cover for your other children.
  • Complementary Interim Accidental Death Cover
    One of the most competitive features about AIA Australia’s Life Cover is this complementary benefit of up to $1 million. In the event of your accidental death – such as in a car accident – your Life Cover benefit will not only provide your family with your total sum insured, but will also provide your family a lump sum amount at no extra cost.

For an extra cost, you can also include benefits that let you include your family within your cover, help your family with your children’s school fees, and get covered for total and permanent disablement.

*Not available on all plans

What types of cover can I choose from?

AIA Australia lets you choose your life insurance structure in four different ways:

  • Life Cover benefit
    Lets you choose an uncapped premium amount with a broad range of built-in and extra-cost benefits. You can completely tailor your insurance with this option.
  • Five- and ten-year benefit
    You can choose a Life Cover Plan with either a five-year term or a 10-year term. You’ll receive a payout if you pass away or are diagnosed with a terminal illness before your policy expires. This plan is ideal for those whose health is already comprised, including those with serious illnesses and the elderly.
  • Accidental Death Cover
    AIA Australia will only pay you a benefit amount in the event of your accidental death, such as in a car accident.

Want to compare this policy with others? You can compare AIA Australia’s insurance premiums with other policy providers through our free quote service.

Page last updated: April 15, 2014