AIA Australia (AIA) has released a new PDS for its Priority Protection range of risk products, taking effect from 3 December 2011.
Central to the enhancements is a focus on diabetes, with the addition of ‘Severe Diabetes’ as a crisis event under all of its crisis benefits.
According to AIA diabetes is Australia’s fastest growing chronic disease. However, AIA’s Health Living Index Monitor found that despite the fact Australians are worried about gaining weight or not exercising enough, just 10% are concerned about getting diabetes (see: Obesity Front of Mind, but not Consequences).
Damien Mu, Chief Distribution and Marketing Officer, said the latest Priority Protection enhancements continue the firm’s ongoing commitment to ensuring its product features are tightly aligned to changing customer needs.
“We’re constantly reviewing and upgrading our product range to ensure it meets the changing needs of our customers and policyholders. Many Australian families struggle, both emotionally and financially, when someone in their family is diagnosed with a life threatening or debilitating health condition such as diabetes and the last thing they want to worry about is paying the bills. By adding severe diabetes as a crisis event we hope to ease this financial burden,” he said.
Changes in the new PDS include enhancements across trauma and income protection products. Key changes/enhancements include:
Trauma Insurance
- Enhanced cancer definition by removal of the exclusion for tumours treated by endoscopic procedures alone
- Introduction of ‘Severe Diabetes’ as a new crisis event
Income Protection
- Enhanced definition of Total and Partial Disability for the Advantage Optional and Plus Optional Benefits, moving to a three-tiered multi definition approach, covering either duties, time or income (only duties and time definitions were previously available)
- Introduction of the Advantage Optional benefit. This new benefit is an optional rider to the Income Protection benefit and includes the Specified Injury benefit, the Total Disablement – Multi Definition and the Partial Disablement – Multi Definition.
- Improved definition of the 2 year waiting period, allowing more flexibility to return to work under certain conditions
- Introduction of ‘Severe Diabetes’ as a new event under the Crisis Recovery benefit
In addition to these changes AIA advises TPD Buy-back (super) is now available as an optional rider under TPD (super) where the Maximiser benefit
has been selected.
Click here to access a copy of the new PDS for AIA’s Priority Protection range.
