AIA Life Insurance
AIA aims to help their customers make wiser decisions by promoting positive lifestyle changes, one step at a time. To achieve this, they tailor a range of competitive personal and business insurance plans to fit that kind of lifestyle. The same goes for AIA Life Insurance, which pays out a lump sum or monthly payment to your loved ones in case you pass away.
AIA always finds ways to make the claims process easier and more transparent whenever you need them. Considered as the largest life insurer in NZ, they continuously strive to help Kiwis better understand their health and lifestyle by tailoring their products to match the changing times.
Why choose AIA Life Insurance in NZ?
AIA’s life insurance is 100% Asia-Pacific focused, easily understanding the needs of that particular market. Eligible Kiwis for life insurance will get the benefit of earning Airpoints Dollars™ for every premium paid. Other key benefits include:
- An upfront payment of $15,000 to help with immediate end-of-life expenses such as funeral costs.
- Access early payment of your Life Cover sum if you’re diagnosed with a terminal illness.
- Increase the sum assured in your cover, following an increase in your financial responsibilities after a significant event.
Types of AIA Life Insurance policies NZ
AIA Life Cover
AIA’s life insurance will pay out a lump sum payment when you’re diagnosed with a terminal illness or when you pass away. Benefits under this cover include:
- Bereavement Support - Pays out a lump sum of $15,000 from your sum assured that can be used for funeral costs and other expenses.
- Terminal Illness Benefit - Provides an early payment of up to 100% of your cover if you’re diagnosed with a terminal illness that’s projected to lead to death within 12 months.
- Specified Terminal Conditions Benefit - Pays the lesser of 30% or up to $250,000 in advance. Specified illnesses include motor neurone disease, as well as diseases that offer longer survival rates despite having a significant impact on your life.
- Repatriation Benefit - Helps if ever pass away overseas. AIA will provide reimbursement of 5% of your life cover — summed up to $20,000 — to assist with the costs of getting your body back to NZ.
- Financial and Legal Advice Benefit - Access legal and financial advice from an AIA-approved financial adviser or legal professional, covering fees up to $2,500.
- Counselling Benefit - Offers to pay up to $2,500 to cover the cost of a psychiatrist or psychologist for you and your family.
- Parents Grieving Benefit - Helps families with financial support for their child’s passing. AIA will pay $2,000 for cover for children aged under 10 years, and $15,000 for children between 10 and 21 years of age.
- Special Events Total Permanent Disability/Trauma Facility - Add a cover to your policy such as “Accelerated Critical Conditions”, “Accelerated Progressive Care”, or “Accelerated Total Permanent Disablement Cover”.
- Special Events Increase Facility - Increase the sum under your cover for life events that affect your financial responsibilities like marriage, new home purchase, salary increase, and other major events.
- Premium Conversion Facility - You can easily convert all or part of your sum to a premium structure without further medical underwriting.
AIA Accidental Death
This is a basic life insurance plan that provides a lump sum payment for deaths caused by accident.
Counselling Benefit - Get up to $2,500 cover for professional counselling fees.
AIA Family Protection
Under this AIA life insurance quote, a monthly payment will be given to your family. It shares mostly similar benefits with a few omissions from the standard Life Cover.
- Bereavement Support - Pays out a lump sum of $15,000 you can use for various expenses.
- Financial and Legal Advice Benefit - Avail of up to $2,500 cover in legal and financial advice fees should you choose to use it for your life insurance.
- Counselling Benefit - Get up to $2,500 in cover for professional counselling if a treatment relates to a claim.
- Parents Grieving Benefit - Get up to $2,000 support for children aged under 10 years, and $15,000 for children between 10 and 21 years.
- Special Events Increase Facility - Increase the sum assured under your cover should you get an increase in financial responsibility
- Premium Conversion Facility - Easily convert all or part of your sum assured to a premium structure without further medical underwriting.
AIA Living Benefits
All three plans stated above are eligible for the following benefits as well:
- Enhancement Passback -AIA’s commitment to keep their policies relevant. As such, any enhancements they make to the policy are also implemented to existing policyholders, offering even more benefits at the time of claims.
- Worldwide Cover - You remain insured wherever you are — whether you’re at home, travelling, or living overseas.
There are other add-ons that you can get:
- Life Cover Future Insurability Benefit - You can increase your life cover sum at every third policy anniversary even without providing further medical information.
- Waiver of Premium - Your premium payments will be waived while your insurance is in place at a time when you’re unable to work due to a disability.
- Accidental Injury Cover - Provides an upfront payment for injuries caused by accidents. Get payment of up to $5,000 a month, based on the treatment you selected.