AIA Australia (AIA) is offering policyholders an opportunity to double their cover without underwriting as it also eases takeover terms for clients transitioning to AIA’s Priority Protection range.
In an offer that expires on 17 June 2011, eligible AIA Priority Protection policyholders are being offered the chance to double their life and/or TPD insurance cover without any underwriting.
Clients with existing life cover will be able to double their insurance by up to a maximum of $1 million, while TPD cover can be doubled to a maximum plateau of $750,000.
In an incentive to consider this offer, policyholders who take up additional cover by 17 June 2011 will go into a draw to win a $5,000 gift card.
AIA notes the total TPD cover cannot exceed the total life cover and that clients who want a different level of cover will be asked to contact their adviser. While free of underwriting, applicants for the increased cover levels will be subject to a Declaration of Continued Good Health.
Enhanced Takeover Terms
In other AIA news, the insurer has released enhanced takeover terms for clients transferring into its Priority Protection suite.
Whereas previously a full application was needed to transfer, only a short form application is now required.
In a further easing of terms:
- Life/TPD/Crisis benefits are now available to transferring clients up to age 60 next birthday (previous age maximum was 55 next birthday)
- Income Protection and Business Expenses transfers can now be made up to age 55 next birthday (previously 50 next birthday)
- Income Protection and Business Expenses cover may be transferred if underwritten within the last 5 years (previously last 3 years only)
- Income Protection maximum cover on transfers has increased to up to $15,000 per month, with short medical exam and full application if cover is over $10k (cover transfers previously over $10,000 per month were not eligible)
- Medically, cases with prior loading up to +50% or 1 health exclusion are now also eligible for all benefits ( previously only ‘standard’ lives were eligible)
