AIA Priority Protection Life Cover

AIA offers three term life products under its Priority Protection brand: Life Cover, 5-year or 10-year Term Cover. These products pay a lump sum to the people you nominate as your beneficiaries, if you should die or be diagnosed with a terminal illness during the life of the policy.

AIA also offers standalone Funeral Protection Insurance which you can buy without answering any health or medical questions and offers cover even while you are travelling overseas.

Product Features

The benefits of AIA's Priority Protection Life Cover products include:

• Complimentary ‘interim' Life Cover, offering limited benefits, while AIA assesses and processes your application.
• A guarantee that if your financial circumstances change you will be able to increase the amount of your Life Cover in future (up until you reach the age of 55), without having to provide more information about your health.
• Automatic annual increases of the amount insured on your policy in line with the Consumer Price Index or 5%, whichever is higher. This will also increase your premiums.
• The option to freeze your premium at the same amount you paid in the previous year. Exercising this option will mean the amount of your insurance will decrease. This only applies to life cover, not to 5- and 10-year term cover, and only if you are over 35 and paying stepped premiums.
• A 100% payout of your death benefits if you are diagnosed with a terminal illness while you hold the policy.
• A compassionate advance payment of 10% of your benefits (up to $25,000) to help your family pay your funeral and other immediate expenses if you die.
• Help with seeking financial advice if you or your family receive a payment under your life cover. AIA may reimburse the cost of talking to a registered financial advisor about how to invest or manage the money.

For full details of AIA's Priority Protection life insurance products you can download the Product Disclosure Statement here.