{"id":36844,"date":"2017-05-01T19:00:52","date_gmt":"2017-05-01T09:00:52","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=36844"},"modified":"2017-05-02T14:47:40","modified_gmt":"2017-05-02T04:47:40","slug":"aia-australia-rolls-out-term-level-premiums","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/05\/01\/aia-australia-rolls-out-term-level-premiums\/","title":{"rendered":"AIA Australia Rolls Out Term Level Premiums"},"content":{"rendered":"

AIA Australia will offer level premiums with five, 10 and 15 year terms across a number of lump sum policies offered through its Priority Protection product range.<\/p>\n

\"AIA<\/a>
AIA Australia CEO, Damien Mu<\/figcaption><\/figure>\n

The insurer stated the level premiums are part of a new feature labelled \u2018Term Level\u2019 that will be available on Life cover and linked TPD and\/or Crisis Recovery benefits, including those taken out through a superannuation vehicle.<\/p>\n

In releasing the new premium structure, AIA Australia stated that, dependent on a client\u2019s situation and cover chosen, term level premiums could be markedly cheaper than level premiums and most clients would benefit from cumulative premiums that are lower than cumulative stepped premiums.<\/p>\n

Further discounts of 12.5% would apply for bundling and when AIA Vitality is attached to the product with a loyalty discount also available at the end of the initial term, where the premium will revert to a stepped amount.<\/p>\n

“The real reasons customers were cancelling policies were due to changing needs and economic concerns…”<\/h6>\n

AIA Australia Chief Executive, Damien Mu<\/strong> said the term level structure was complementary to the insurer\u2019s existing stepped, level and Optimum premium options. He also said the structure was developed in conjunction with licensees and advisers, including Synchron, so that AIA Australia had a better understanding of which clients would find value in term level premiums<\/p>\n

\u201cWhen we looked more closely at retention as part of the LIF, we found that there was a misnomer around the advisers\u2019 role. The real reasons customers were cancelling policies were due to changing needs and economic concerns,\u201d Mu said.<\/p>\n

\u201cWith this in mind, we designed Term Level to help advisers to better match the premium structure to their clients\u2019 individual life stages, whether they\u2019re buying a house, starting a family, sending their kids to school or satisfying a particular business need,\u201d he added.<\/p>\n

AIA Australia has released a new PDS for super linked cover<\/a> and non-super cover<\/a>, as well as an Adviser Guide<\/a> detailing the changes.<\/p>\n","protected":false},"excerpt":{"rendered":"

AIA Australia will offer level premiums with five, 10 and 15 year terms across a number of lump sum policies offered through its Priority Protection product range.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[],"class_list":{"0":"post-36844","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-company-news","7":"category-products"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=36844"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36844\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=36844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=36844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=36844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}