AIA Life Insurance: Compare AIA Life Insurance Policies

Posted May 17th, 2011 and last modified October 7th, 2014

AIA Australia: Life Insurance and Income Protection

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AIA Australia is a global life insurance company that has successfully combined its international presence with the servicing of local conditions and as a result has been able to offer some of the most comprehensive and flexible life covers available in Australia. Its Australian life insurance products, along with its ongoing service commitments, are constantly under review, thereby making sure that the changing needs of the population are always fully met.

Featured AIA Life Insurance Products

Provider Insurance Type Product Name Product DetailsHow to Apply
Life Cover AIA Priority Protection - Life Cover Plan Provides a lump sum payment in the event of death or terminal illness, with no limit on the maximum amount insured. Cover is also offered for homemakers, with benefit up to $1.5 million. Enquire Learn More
Trauma (Critical Illness) Insurance AIA Priority Protection - Crisis Recovery Plan Pays a lump sum benefit if the policy holder is diagnosed with one or more of the illnesses categorised under Cancer, Coronary and other major illnesses, of up to $2 million. Homemakers can also benefit from cover of up to $750,000. Enquire Learn More
TPD Cover AIA Priority Protection - Total and Permanent Disablement (TPD) Plan Provides a lump sum payment of up to $5million in the event of a permanent disability and you are unable to work ever again. Enquire Learn More
Income Protection AIA Priority Protection - Income Protection Plan Provides a replacement for your income of up to $60,000 per month, when you are unable to work due to serious injury or sickness. Enquire Learn More
Business Expenses Insurance AIA Priority Protection - Business Expenses Plan Designed specifically for self employed workers, this type of protection ensures fixed business expenses are still paid for if the worker is suffering from serious illness or injury, with a maximum monthly amount of $30,000. Enquire Learn More
Funeral Insurance AIA Funeral Protection Choose a benefit amount of $5,000 up to $30,000 to cover your funeral expenses. Enquire Learn More
AIA Life Insurance Plans Inside Super
Life Cover through Superannuation AIA Priority Protection - Superannuation Life Cover Provides a lump sum payment to your nominated beneficiaries in the event of terminal illness or other crisis events of up to $2 million, including coverage for home duties of up to $750,000. Enquire Learn More

AIA Life Insurance Policies

AIA Life Cover

AIA’s premiere life cover policy, providing a lump sum benefit for death or terminal illness. This policy offers 5 or 10 year terms and a range of flexible payment options to choose from

AIA Life Cover Benefits

  • Premium Freeze
  • Benefit Indexation
  • Guaranteed Future Insurability
  • Complimentary Final Expenses Cover
  • Interim Life Cover
  • Terminal Illness Cover
  • Funeral Expenses Cover
  • Financial Planning Reimbursement
Read the AIA Life Cover Plan review

AIA Priority Protection TPD Insurance

AIA’s total and permanent disability insurance policy available as a standalone policy or bundled with Life Cover. Cover can be taken out as either;

  • Any Occupation: Benefit provided if policyholder is no longer able to perform duties of a task they are suited to due to illness or injury.
  • Own occupation: Benefit paid if policyholder is unlikely to be able to perform the duties of their own occupation again.
  • Home Duties: Benefit paid if policyholder is unable to perform all normal domestic duties.
  • Partial and permanent disablement: 25% of benefit paid for the permanent loss of use of;
    • One arm
    • One leg
    • Sight in one eye

    Benefits:

    • Premium freeze
    • Benefit indexation
    • Guaranteed future insurability
    • Financial planning reimbursement
    Read the AIA TPD Insurance Review

    AIA Priority Protection Income Protection Insurance

    Receive up to 75% of your income paid monthly if you are unable to work due to serious injury or illness.

    Benefits

    • Carers allowance
    • Retirement optimiser
    • Complimentary interim accidental death and income protection cover
    • Benefit indexation
    • Agreed value
    • Indemnity value
    • HIV/AIDs cover
    • Waiver of premium
    • Rehabilitation expenses
    • Recurrent disablement
    • Severity benefit
    • Death benefit
    • Worldwide protection
    • Needlestick injury benefit
    • Crisis recovery benefit
    • Guaranteed future insurability
    • Cosmetic or elective surgery benefit
    • Terminal illness benefit
    Read the AIA Income Protection Plan Review

    AIA Business Expenses Insurance

    Provides business owners with cover for the fixed expenses of their business in the event that they are forced to take time out of work due to injury or illness. The benefit will provide cover for all expenses less any amounts that may be reimbursed from other forms of cover.

    Benefits

    • TPD Benefit
    • Waiver of premium
    • Benefit indexation
    • Cosmetic or elective surgery benefit
    Read the AIA Business Expenses Insurance Review

    AIA Superannuation Life Cover

    Provides life cover through a Super Account - either a SMSF or AIA owned Super Fund. Benefit paid to the fund trustee in the event of death or terminal illness

    Benefits

    • Complimentary interim accidental death cover
    • Premium freeze
    • Benefit indexation
    • Guaranteed future insurability
    • Terminal illness benefit
    Read the AIA Superannuation Life Cover review

    AIA Funeral Insurance

    AIA’s Funeral Protection policy provides a lump sum benefit to the policyholders loved ones in the event of their death to cover the immediate expenses of a funeral.

    Benefits of AIA Funeral Cover

    • Guaranteed acceptance available
    • Ability to choose cover levels ranging between $5,000 and $30,000
    • Free introductory month of cover
    • Cover for accidental death in first 12 months
    • Ability to cancel cover without any further obligation
    Read the AIA Funeral Insurance review

    Awards Received by AIA

    • 2012 Life Insurance Company of the Year – ANZIIF Awards
    • 2011 Best Overall Value – Canstar Cannex
    • 2011 Best Income Protection – Canstar Cannex
    • 2011 Winner for Outstanding value – Income Protection Insurance - Canstar Cannex
    • 2011 Winner for Outstanding value – Life Insurance Australia - Canstar Cannex
    • 2011 Best Term Life & TPD – Money Magazine
    • 2011 Best Life Cover Plan – Asset Innovation
    • 2011 Group Insurer of the Year – Super Review
    • 2011 Best Business Overheads product – Money Management’s Adviser Choice Risk Awards

    AIA Australia's History

    AIA Australia Limited, as it is now known, previously traded as AIG Life. AIG Life had been providing life cover in Australia for more than 30 years and it will now be continuing this involvement with the Australian people as AIA Australia which is a subsidiary of the American International Assurance Company Limited, a global specialist provider of risk management products designed to protect the financial interests as well as the welfare of the Australian people.

    AIA Group Limited, along with its subsidiaries, of which AIA Australia is one, is collectively known as the 'AIA Group' or more simply 'the Group'. The Group is made up of the largest independent publicly listed pan-Asian life insurance group on the planet. It is spread over 15 markets in the Asia-Pacific area where it is able to track its beginnings back over 90 years, in that time having built up assets totalling US$107.9 billion. The AIA Group has one of the more extensive network of any life insurer in the region, its highly diversified presence reduces country and market risks and as a result policy holders receive greater financial stability of the developed markets as well as the benefits deriving from the growth potential of the emerging markets.

    AIA's Company Culture

    The AIA Group's strong culture is the backbone of the company, a culture AIA Australia prides itself as being a part of, as well as through their solid partnerships with individual policy holders by providing them with the highest level of service. AIA Australia realises that every client is different. This individuality means it needs to offer a flexible approach in its delivery of life insurance and income protection insurance. This flexibility is borne out in its ability to be able combine different types of life insurance cover packaged in a single policy document. This is known as tailoring specific solutions to each individual's needs.

    When you take out your life insurance and income protections needs with AIA Australia you will immediately become a part of the wider AIA Group, an insurance group that serves the needs of more than 23 million individual policy holders (two million of which are in Australia) and 10 million members included in group policies. All this involvement is held together with an army of 260,000 agents and more than 21,000 direct employees scattered across the Asia-pacific in areas as diverse as Australia, New Zealand, China, Hong Kong, Taiwan, Vietnam, Korea, India, Indonesia, Thailand, Singapore, Malaysia, the Philippines, Macau and Brunei.

    The AIA Group is understandably a market leader in the Asia-pacific based on life insurance premiums collected. In fact it holds the number one position in six of these markets. Because of its historical presence in the region, the Group has been able to build a strong network of mainly wholly owned businesses operating in each country as it does in Australia with AIA Australia Limited. The only country where this has not been possible has been in India where Indian government legislation restricts foreign ownership of insurance companies to 26 percent. AIA therefore operates in India as a joint venture.


    Benefits of Choosing AIA Life Insurance

    AIA Australia's strength lies in the strength of its AIA Group membership, second to none operational efficiency and its consistent profitability. It has a proud profitability record in Australia as it does in the other world markets wherever the Group operates, where it is either the number one life insurance company, or the foremost foreign insurer. Areas in which the AIA brand has become a trusted household name, having been relied on by generations of families and businesses to fully protect them in their time of need. It has successfully become an essential part of the fabric of the communities in which it operates, an important part of the everyday lives of its myriad of policy holders. It is well on its way in realising its vision of being the pre-eminent life insurer is all the regions in which it operates.

    • 2011 Highest Overall Planner Satisfaction – Investment Trends
    • 2011 Best Overall Usefulness of Website – Investment Trends

    AIA Australia is a part of the wider AIA Group, a large global life insurance company that remains tied to its grass-roots support base, a policy that has seen it grow dramatically over the last 90 years in the Asia – Pacific region in particular.

    AIA WeCare

    WeCare is a service provided by AIA Australia that offers advice, assistance and support in a range of matters during a difficult life event. The service is available to all AIA Australia Priority Protection policyholders as well as to members of their immediate family. There are many different services that AIA WeCare is able to offer, which means that it can prove invaluable to AIA Australia Priority Protection policyholders as well as to their families.

    The AIA WeCare service is an email and phone based support service, to make it far more accessible for users. The WeCare service is provided by the National Helpline Service, which has a strong reputation when it comes to the provision of assistance programs in Australia. The support is also provided by people who are experts in their respective fields from social workers and psychologists to lawyers and counsellors, so you have the peace of mind that the advice and assistance that you receive will be accurate and up to date.

    Some of the services offered through AIA WeCare

    A range of valuable services are made available to AIA Australia Priority Protection policyholders and their families through AIA WeCare, which means that you can get help and assistance with many different life issues. Some of the services that are offered through AIA WeCare include:

    • Counselling and grief support: Emotional support is a big part of what AIA WeCare offers and can prove invaluable to those struggling with issues and problems concerning their emotions. This service is provided by qualified counsellors who are able to help you to both identify and manage these issues you're dealing with. Some of the areas that you can get help with include relationship issues, health concerns, depression, stress, and concern regarding other family members
    • Legal and financial support: You will be able to get advice and support from fully qualified lawyers with regards to legal and financial matters such as tax related issues and financial protection for you and your loved ones for the future. Some of the matters that you could get help with through this service include personal injury, employment law, criminal law, child custody issues, family legal matters and immigration. Some of the finance related issues you can get assistance with include inheritance issues, income tax queries, property related taxes, pensions related advice and more
    • Funeral assistance: The support workers at AIA WeCare are able to offer valuable advice and support when it comes to making arrangement for the planning of a funeral. Some of the areas you can get help with include choosing a funeral director, help with regards to the wake, location of service, choosing a cemetery or crematorium, and advice on how to word notices
    • Home help assistance: For those who suffer a disability or a serious illness, AIA WeCare can help with the sourcing of various services that are designed to make life at home easier and more manageable. This includes everything from cleaning services and gardening services to child minding and more

    These are just some of the services that can be accessed through AIA WeCare, and the great news is that you and your immediate family will be able to access these services free of charge if you are an AIA Australia Priority Protection policyholder. The service comes with a live translation service, so there is no need to worry about any language barrier.

    Another great benefit with AIA WeCare is that some of the services are accessible 24 hours a day, 7 a week. This includes funeral assistance, grief support and emergency telephone counselling services. Other support services are made available from 9.00am until 5.00pm.

    AIA WeCare service is extremely simple and quick to use. To get assistance, you simply call the service and provide the representative with your AIA Australia Priority Protection policy number. Once the representative has taken your details and made a log of your requirement you will either be passed through to an appropriate expert in the relevant field based on your query or arrangements will be made for someone to call you back at a time that is convenient to you.

    AIA Life Insurance F.A.Qs

    AIA Life Insurance Premiums

    Q. How can I pay my AIA life insurance premiums?

    A. Premiums can be paid by;

    • Mastercard
    • Visa Card
    • Diners Card
    • American Express
    • Direct Debit
    • BPay and POSTbillpay for half-yearly and yearly premium payments

    Q. What are the AIA premium payment options?

    A. This will depend on the product that has been selected. Most policies will allow monthly, half yearly and annual payment of premiums. Annual premium payments will reward the policy owner with a premium discount.

    Q. Do my premiums increase each year?

    A. Premiums can be subject to change based on a number of factors including:

    • Age
    • Indexation of benefits for CPI
    • Increases across all AIA policy premiums

    Q. What premiums patterns are available on AIA policies?

    A. Applicants are able to take out stepped, level or optimum premium patterns

    • Stepped: Premiums will increase each policy anniversary
    • Level: Premiums will remain the same each year
    • Optimum: Premiums will commence on a stepped pattern before referring to level

    Q. Can I switch my premium type?

    A.

    • It is not possible to switch from optimum to stepped or level.
    • It is possible to switch from level to stepped.
    • It is possible to switch from stepped to level.

    Q. What is the minimum premium to pay each year?

    A. The minimum premium is $300 per year inclusive of the annual charge and stamp duty.

    Q. What happens if I don’t pay my premiums?

    A. AIA will cancel your policy if your premiums are not paid in full within 60 days of the date that the premium is due.

    Q. When am I entitled to premium discounts?

    A. Multi-Policy discounts are available with 2 plans bringing a 5% premium discount and 3 plans bringing a 10% premium discount.

    Q. Do I pay stamp duty?

    A. Yes. Stamp duty charges vary state to state from 0% - 11%

    AIA Life Insurance Cover amount

    Q. Can I increase my Sum Insured?

    A. You can request to increase the sum insured or monthly benefit on your policy at any time though you may be required to undergo additional underwriting.

    Q. Can I decrease my Sum Insured?

    A. You can decrease the sum insured or monthly benefit at any time.

    Cancelling your AIA Life Insurance Policy

    Q. Can I cancel my policy?

    A. You are permitted to cancel your policy at any time. If premiums have been paid in advance, AIA may refund the unexpired portion of the premium less any cancellation fees.

    Q. Is there a cooling-off period?

    A. Yes. Each policy is issued with a 28-day cooling-off period whereby the cover can be cancelled and a full-refund of any premium payments made will be repaid to the policyholder or the fund trustee.

    Receive AIA Life Insurance Quotes

    Enquire now for AIA Australia Life and Income Protection Insurance Quotes

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    Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
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Prefer not to speak with an adviser? Receive a quote directly from the below insurers

Provider Types of Cover Special Offers How to Apply
NobleOak NobleOak
  • Life Cover
  • TPD Cover
  • Trauma Cover
  • Income Cover
  • Business Expenses
For a limited time only - save up to 25% on premiums and one month free cover for successful applicants Get Quote More
Zurich EziCover Zurich EziCover
  • Life Cover
  • Accidental injury
  • Accidental Death
  • Funeral Cover
1 month free cover for successful applicants Get Quote More
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5 Responses to AIA Life Insurance: Compare AIA Life Insurance Policies

  1. Default Gravatar
    Denise | July 30, 2014

    In your life cover listings you have “premium freeze” . Would like to know- does that mean that your policy payment stays the same or how does it work

    • Staff
      Richard | July 30, 2014

      Hi Denise,

      Thanks for your question. According to the AIA PDS a premium freeze is defined as:

      Premium Freeze
      You can freeze your premiums if you are age 35 or older and are paying your premiums
      on a stepped basis. This means that your premium stays the same each policy year, but
      your Sum Insured reduces each policy year.

      I hope this was helpful,

      Richard

  2. Staff
    William | March 4, 2014

    Hi Barbara,

    Thank you for your enquiry. In order for you to take out an application, you will need to make an enquiry via the form on the homepage. An insurance consultant will contact you to provide you with a preliminary quote and assist you through the application process.

    Thank you for your enquiry and all the best.

  3. Default Gravatar
    Tony | April 25, 2012

    One policy at $109,461 quarterly instalments $303 another policy at $290,757 with comprehensive income protection plan for $725 per week life & trauma deluxe protection plan payments are $216 my cover needs to be increased to $350,000 & my income protection needs to be increased to $1500 per week. What is the best policy & best price?

    • Staff
      Jacob | September 4, 2013

      Hi Tony.

      Thanks for your question.

      Please complete an enquiry form. Once you do this you will be send a number of policies suited to your situation, you can then compare these policies to find the one that’s right for you.

      We apologies about the time it’s taken to get back to you.

      Jacob.

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