Coinciding with last week’s new brand launch, AIA Australia (AIA) has released an update to its Priority Protection risk products range and has also announced an extension of its special underwriting concessions offer:
Product Changes
The following summary reflects changes that have been made to the risk products within AIA’s flagship Priority Protection range:
Life Cover Plan
- No changes
Superannuation Life Cover Plan
- Conversion from super to Non-super prior to age 75 now includes Permanent Disablement and Permanent Disablement Buy-back with no evidence of health required
- Refunds made during the 28 day Cooling-off period will be made to the member directly
Permanent Disablement Benefit
- Maximum entry ages for Home Makers increased in line with Occupation B
- Long Term Care - Includes loss of sight in both eyes
Crisis Recovery Benefit
- Heart Attack definition - now makes provision for ‘silent’ heart attacks
- Thyroid cancer exclusion removed
- Valvotomy exclusion (Heart Valve Surgery) removed
- Loss of Limbs/Sight - now includes loss of sight in both eyes
- Carcinoma-in-Situ of the Fallopian Tubes definition now included in the PDS
Disability Income Benefit
- Specified Injury benefit - Rectified (available to all occupation categories, except E)
- Waiting Period Requirements (requirements for AAA, AA and A now removed)
- Capability Clause - Medical evidence now used as determinant
- Dual Definition - time and duties based definitions available
Other
- Grace period for non-payment of premiums now reflected as 60 days
Special Underwriting Offer Extension
AIA has extended its Underwriting Concessions Special Offer until 31 July 2009.
Commencing from 1 May 2009 and originally scheduled to have ceased at the end of June, this offer has now been extended to 31 July.
The concessions relate to medical requirements on ’standard rates’ proposals for certain ages and sums insured where various tests that are normally required are not required until the proposed cover reaches higher levels.
