AIA Life Cover Insurance Plan
- largest life insurer
- claims paid in 2015
AIA Australia’s Life Cover Plan pays you or your chosen beneficiary a lump sum amount if you pass away or are diagnosed with a terminal illness with only 12 months to live.
There are a number of benefits that are built-in to the Life Cover Plan. These include:
- Benefit Indexation: Your benefit will automatically increase each year by the Consumer Price Index or 5%, whichever is higher.
- Funeral Expenses: To help your family cover funeral expenses when you pass away, AIA Australia would make an advanced payment of up to $25,000 to your nominated beneficiary.
- Premium Freeze: If you are at least 35 years and paying your premiums on a stepped premium basis, you can choose to freeze your premiums.
- Financial Planning Reimbursement Benefit: To help your family manage the claim amount received when you pass away or become terminally ill, AIA Australia will reimburse either yourself or your nominated beneficiary by up to $3,000 for the cost of obtaining advice from one or more financial planners.
- Guaranteed Future Insurability (GFI) Benefit: This helps you ensure that you have adequate cover amounts as your life changes. The GFI benefit allows you to increase in your cover amount without completing another application, if you experience a significant life event such as the birth of a child, buying a house or getting married.