AIA Australia (AIA) has announced the latest updates to its Priority Protection product suite via a webcast to over 800 advisers.
The focus of this update from AIA is on offering advisers and their clients ‘genuine services’ that will differentiate it from its competitors. These key initiatives are:
- Launch of the WeCare service
- Introduction of a Lifestyle Advantage discount package for eligible clients
- Introduction of a TPD Maximiser Benefit for maximising Any and Own TPD cover benefits and efficiencies inside and outside superannuation
WeCare
WeCare is a new telephone and online support service for policy holders. The service offers counselling and grief support, legal and tax assistance and funeral assistance to policy holders in their time of need, whether they are a claimant or not.
AIA has partnered with the National Helpline Service to deliver its WeCare service. The insurer claims WeCare is an industry first in that the base services offered are available to both clients and their families at no additional cost.
Lifestyle Advantage
Lifestyle Advantage is a package that offers clients the opportunity to receive a 10% discount on premiums for the life of a policy by answering up to nine additional health and wellbeing questions.
While there are qualifying guidelines including policy type (Optimum product, levle premium), the discount, once attained applies for the life of the policy and does not require any further any extra medical examinations or blood tests either at inception or in the future.
According to AIA Head of Product, Tim Tez, Lifestyle Advantage is the first package in the Australian market to offer a health discount on trauma and TPD cover as well as life insurance products.
Maximiser Benefit
The new Maximiser Benefit for the Superannuation Life Cover Plan allows the Any occupation definition of TPD to be purchased inside the superannuation fund, while a separate but linked policy will accommodate an Own occupation TPD element in the client’s own name outside the super fund.
AIA has also launched Crisis Reinstatement for its Crisis Recovery benefit. Following the 100% reinstatement of a Crisis Recovery benefit a partial payment can be made to the client on the re-occurrence of a heart attack or cancer crisis event that is related to the original claim.
Other enhancements include the addition of Double TPD and Double Crisis Recovery benefits to the Life Cover Plan and Superannuation Life Cover Plan
The launch webcast is still available for viewing. Click here to register for and access the webcast.
