AIA Life Insurance is provided by the AIA Group Limited. This company, mainly dealing in insurance, services the Asia-Pacific Region. This means that it offers insurance policies to those in Australia, New Zealand, Thailand, Japan, India and a few more.
AIA was founded back in 1931. At this time it was known as the International Assurance Company. The company has grown drastically over the past few years. It is now regarded as the number one insurance policy company in Hong Kong with them being behind the majority of policies offered in this region.
AIA currently owns the ING Group’s Malaysian Insurance Policies. AIA is a publically listed company (being the 3rd largest initial public offering ever) but they have been the focus of a number of take-over bids in the past. All of them failed. This includes a take-over bid from United Kingdom-based insurance company ‘Prudential’ for $35.5 billion.
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 Life Cover
AIA is famed for the top quality life insurance policies that it is able to offer to its customers. Whilst it has one policy at the heart of its operation (Priority Protection Life Cover), this policy is more than flexible enough to give people a policy that is completely unique to them.
AIA Priority Protection Life Cover will offer a pay-out (in a lump sum) to your beneficiaries, or even to you, if you are diagnosed with a terminal illness or die. There are a number of payment options available for this plan, and that includes term life cover, which means that you truly will be able to choose something that suits your needs down to a tee.
AIA Life Cover Benefits
- AIA is one of the largest life insurance providers in the world. When you hold a policy with this company you can be sure that your money is in the safest possible hands.
- Premium Freeze: In some situations you will be able to freeze your premium so it does not rise the following year. Very few companies actually offer a feature like this.
- The amount that you are insured for will rise each year. This will be based upon either the consumer price index in your country or 5%. AIA will choose the higher amount to increase your coverage by.
- You can apply to increase your sum that you are insured for without needing to undergo another medical inspection.
- If your child is aged between 2 and 18 dies or is diagnosed with a terminal illness then AIA will give a small payment for this.
- If you are diagnosed with a terminal illness before your policy expires then you will be able to claim 100% of what you are insured for from AIA before you die.
- Funeral expenses will be paid instantly upon your death.
- Financial planning costs will be reimbursed to your family after your death.
AIA Life Cover Eligibility
You are able to apply for ‘Life Cover Benefit’ between the ages of 11 and 75. The policy will expire on the policy anniversary before your 100th birthday. If you opt for a 5 year term on your policy then you can apply between 11 and 60. If you opt for a ten year term then you can apply between 11 and 55. In both cases the policy will expire at the end of your chosen benefit term. You may be required to undergo a medical set by AIA before you are approved for your insurance policy. If you wish to extend the coverage that you entitled to however you will NOT actually need to undergo a further medical examination.
AIA Income Protection
AIA’s income protection plan will provide a pay-out to cover expenses in the event that you are unable to work for three months or more. Expenses covered include a carer’s allowance and a lump sum payment made for lost income. In addition to this you may be able to apply for business expenses and other features.
The income protection plan offered by AIA is designed to be as flexible as possible. This makes it highly likely that you will be able to find an option which suits your needs perfectly.
AIA Income Protection Benefits
- Carer’s allowance which is roughly 25% of the amount of income protection that you have applied for.
- You are covered for a variety of different conditions. AIA is one of only a few companies which actually classes HIV and AIDS as a condition which can cause disability. This will come under an ‘accident only’ cover.
- You will be covered for any rehabilitation expenses that are required in order to get you back into work.
- There will be no premium to pay during the waiting period. If you return to work and within 12 months suffer the same condition then there will be no waiting period whatsoever.
- You will be working with one of the highest rated insurance companies in the world. This means that you can be sure that your money is in the safest possible hands.
- Death benefit is applied to some policies. This is less than standard life-insurance but will still provide your family with a bit of the cash that they need.
AIA Income Protection Eligibility
The actual eligibility for AIA income protection will actually depend on the position that you hold in the workplace. Generally speaking you will be able to apply for income protection between the ages of 16 and 55. In some cases the latter number may be as low as 50 or as high as 60. Your policy will end up retirement.
AIA TPD Insurance
Priority Protection TPD Insurance policies offered by AIA Life Insurance are designed to offer a pay-out if you become permanently disabled. This can be purchased as an individual policy or as part of your life insurance policy through AIA.
- ‘Any Occupation’ policy: You will receive a lump sum payment if you are unlikely to be able to work again in any occupation.
- ‘Own Occupation’ policy: Provides a lump sum payment if you are unable to work in your own occupation again.
- ‘Home Duties’: Will provide a lump sum payment if you are unable to perform any of your standard domestic duties.
AIA TPD Insurance Benefits
- Number of payment options to select from.
- Premium freeze
- Financial planning reimbursement.
- Coverage worldwide.
- Partial and permanent disabled pay-outs.
- Flexible insurance policies.
AIA TPD Insurance Eligibility
Most TPD insurance policies offered by AIA can be obtained between the ages of 16 and 64. The number may be reduced depending on the industry that you currently work in. The latter number can be as low as 50 in some cases. The policy will always expire at the age of 70. The amount of coverage you have will depend on the policy that you opted for.
AIA Funeral Insurance
AIA Funeral Insurance is one of the simplest policies offered by AIA. This insurance policy will make a pay-out upon death in order to cover funeral expenses. There is just one policy here. The price of this policy will increase by 5% each year in order to keep up to date with the increasing cost of funerals.
AIA Funeral Insurance Benefits
- Guaranteed coverage.
- You are covered for accidental death from the first 12 months of the policy.
- You can cancel the policy at any time. You will however lose out on your funeral pay-out.
- Payment is ‘instant’ upon death. This means that your family will be able to use the money you receive for your funeral planning.
AIA Funeral Insurance Eligibility
Anybody aged between 17 and 80 is guaranteed covered through AIA for Funeral insurance. There will be no medical or health questions asked.
Do I need to undergo a medical in order to apply for AIA Life Insurance?
Yes you do.
Do I need to undergo a further medical if I opt to change my coverage?
No you do not. You only need to have a single medical for the duration of your life insurance policy with AIA.
Can I trust AIA with my insurance policy?
Yes you can. AIA is known for being one of the most secure financial companies out there. You can be sure that your cash is in the safest possible hands.
Can you get funeral coverage separate from life insurance?
Yes you can. You will also be able to add it to your life insurance policy if you wish to save a small sum of cash on your premiums.
What pay-out do I get in the event of partial disability when working with TPD insurance?
You will be able to receive 25% of your premium. This applies to lost limbs etc.