At some point in your life you will have anticipated providing financial security for yourself and your family, such as in the form of a life insurance policy. Many look at life insurance as an effective way of obtaining fast cash in case of unforeseen events such as sickness, disability or even death. In these unfortunate instances you will no longer be able to provide for your family’s needs, as you will be incapable of working. AIA Priority Protection life cover address’s these predicaments, and thus offer variations of insurance options that can help you recover from the financial burden arising from these eventualities.

Benefits of AIA Priority Protection Life Cover Plan

Have you considered the idea of not being able to work, and how you would provide for the people who depend on you for their daily needs? How many people depend from your capacity to earn? What will happen if you cannot work for yourself or for your family?

Getting a life insurance plan is one way to relieve yourself from these nagging questions. AIA provides a solution to help unburden you from all the serious financial responsibilities you may have in the future once you retire or begin to experience health problems. It has a Life Cover Plan that you can use to settle your financial obligations such as loans, mortgages, and debts. You can also opt for claiming a lump sum to give your loved ones financial security by covering their every day needs. With your insurance plan, your business no longer has to suffer despite your unfortunate condition as it can replace your needed capital to sustain your business expenses.

The most outstanding features of the AIA Priority Protection Life Cover Plan are its:

• Twenty eight day cooling off period. This means you won’t have to worry about what you have got yourself into. You can take your time and fully examine what you are receiving without any pressure being imposed by anyone, knowing all the time that you have 28 days up your sleeve to pull out if something shows up that you don’t agree to.
• A $25,000 Funeral payment. We all know how much funerals cost these days and how much such a cost can eat into the money you planned for your beneficiaries to receive on your death. AIA will pay for your funeral without your beneficiaries having to lose out with their $25,000 final expenses benefit.
• Unlimited cover. Yes, you read it right. An AIA Priority Protection Life Cover Plan will pay unlimited cover for certain occupational categories.

Protection You Get from AIA Priority Protection Life Cover Plan

AIA’s Priority Protection Life Cover Plan gives you financial protection against the inevitable occurrences in life. Financial crisis can occur in the event that you suffer from medical conditions that can hamper your ability to work, or worse, mean you are unable to be employed. Policy holders of life insurance can get better peace of mind in case of physical impairment that constrains them from earning their regular monthly income. In the event of a crisis they can be assured that their insurance plan can cover the medical expenses they will need. In case of lifestyle changes brought about by the diagnosis of serious medical conditions like cancer and coronary diseases, AIA Life Cover Plan provides some crisis recovery benefits that are structured to meet your unique and distinct financial needs.

The burden of your unemployment is relieved by an AIA income protection plan which can replace the income you were earning from your regular employment. This financial assistance can also be used for your business needs which become significant when you are no longer able to run your business operations. Hence, the protection you can avail from this form of life insurance covers all areas of your financial needs. It is like receiving a monthly income even when you are no longer capable of earning one. AIA has a disability income accident only benefit that you can avail as a regular financial source in case of disability caused by injury or accidents.

There are four variations of AIA Life Plans offered by AIA Australia these are:

• Accidental death. This plan only pays compensation in the event of death resulting from an accident.
• Five year term and 10 year terms. In both the five year plan and the 10 year plan the policy pays out if the insured person dies or is diagnosed with a terminal disease before the expiration of the term of insurance.
• Life cover plan. This plan includes all the features of the other three plans plus the ability to add further options at an additional cost. The proper use of the available options allows you to find the right level of cover that best suits your particular family situation.

AIA Priority Protection Life Cover Plan Also Gives You Business Security

AIA has a business expense plan as one of the insurance options you can choose from. This provides you financial augmentation to sustain regular business expenses like rent and payment for utility bills. Running your business is made possible despite any disability or medical condition with this Life Cover Plan insurance option from AIA. This form of insurance plan is most beneficial to self employed individuals who depend on their business income to support the family’s daily financial needs. With the business expense plan, it is like running your business even when you are not able to run it due to your condition.

The Objectives of AIA Life Insurance

AIA Life insurance plans have three major objectives namely to give security, protection and peace of mind to its policy holders. You will always want to give financial security to your loved ones in case unfortunate events happen thereby making you incapable of working. You want to be protected against financial loss whenever you suffer from serious ailments and will be unable to provide for your family’s daily needs. Knowing that you have a safety net against financial losses with your investment from a life insurance plan, you enjoy the peace of mind knowing that your loved ones will not suffer in case unforeseen events happen to you. Understanding these needs of their policy holders, the Life Cover Plans of AIA address various areas of financial needs for its members.

Assessing Your Life Insurance Needs

You need not make a guess when assessing your life insurance needs. There are some factors that you can consider to help you better determine the extent of life insurance coverage you will need. Such considerations include the number of your dependents, capacity to pay for the premiums, current debts, daily expenses to maintain for your family’s daily expenses, among others.

Life insurance has many purposes as it can replace your regular income when you are unable to earn one due to disability, it can also help finance your business needs, provide financial support for your medical condition and medications. AIA life insurance plans cover all these areas of the life insurance coverage that you can possibly need, to secure your future financial resources.

Uses of the AIA Priority Protection Life Cover Plan

The AIA Life Cover plan is basically a term life insurance policy with additional benefits, the benefits of which can be used for the following purposes:

• In the event of a pay out following your death. Your nominated beneficiaries will be able to settle any outstanding debts you may have left behind, such as personal loans, car loans, mortgage, estate duty and funeral costs etc.
• The lump sum benefit can be used for investment purposes. If used in this way the interest earned can replace your income contributions while you were alive. This will enable your family to live on in the style they had become used to while you were there to provide for them.
• Reduce the need for your business to raise additional capital. If you were in business and your death was to be financially upsetting to the ongoing viability of the business, the proceeds of your death benefit could give the business the necessary capital in order to survive.

An AIA Life Cover is in effect a tool for you to use while you make preparations for the inevitable. It might never have to be called on but if the circumstances were that either you, your business partners, or your beneficiaries had to experience such a loss, and nothing was there for them to use, financial disaster could result. In this way all such risk is eliminated.

AIA Australia was established in 1970. It is a subsidiary of the global AIA Group that has been providing insurance cover and financial services for over 90 years. AIA Australia presently service more than two million Australians with life insurance policies and paid more than $363 million in claims in 2010. AIA life insurance policies have received many industry awards such as the AFA/Plan for Life Award in 2009. This award was given for the AIA Income Protection Insurance. It was also awarded the Asset Innovation Award in 2009 for its Term and TPD Life Cover Plan.

AIA Australia is continuing to develop a wide variety of life insurance products and is working hard to give its many clients the best life insurance cover possible. In doing this its policies are always up to date and at the cutting edge of the industries innovative best efforts. The structure of its policies can make them attractive as basic term insurance cover, which means high insurance cover at the lowest premium cost possible, to especially tailored policies customised to suit your every need.