{"id":68168,"date":"2023-10-17T19:44:33","date_gmt":"2023-10-17T09:44:33","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=68168"},"modified":"2025-03-14T12:02:22","modified_gmt":"2025-03-14T01:02:22","slug":"latest-aia-priority-protection-update","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/10\/17\/latest-aia-priority-protection-update\/","title":{"rendered":"Latest AIA Priority Protection Update"},"content":{"rendered":"\n<div class=\"header row\">\n<div class=\"intro\">\n<h3> There was strong reader interest this week in the news that AIA has announced updates to its Priority Protection range, effective immediately&#8230;<\/h3>\n<\/div>\n<\/div>\n<p>AIA has announced product updates to its Priority Protection range, effective 15 October 2023. Key changes across pricing and product include:<\/p>\n<p><span style=\"text-decoration: underline;\">Pricing Updates<\/span><\/p>\n<ul>\n<li><strong>Level premium guarantee:<\/strong> introduction of a 5-year premium guarantee for level premiums for all lump sum benefits and IP CORE to Age 65 Benefit Period. Previously the 5-year premium rate guarantee only applied to IP CORE with 5-year and 2-year Benefit Periods.<\/li>\n<li><strong>More competitive rates:<\/strong> for new business TPD rider premiums for females aged 45-60<\/li>\n<li><strong>Policy fees:<\/strong> an increase to policy fees across all payment frequencies, which was indexed as per existing policy terms effective 1 October 2023<\/li>\n<li><strong>Change in premium type:<\/strong> Accidental Death and Accidental TPD premium changed from level to stepped<\/li>\n<li><strong>Discounts &amp; Vitality:<\/strong> Policy wording enhanced to make clear how discount terms and AIA Vitality discounts work<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\">Updates for Life Cover Plan, Superannuation Life Cover Plan and Crisis Recovery Stand Alone Plan<\/span><\/p>\n<ul>\n<li><strong>Crisis Extension:<\/strong> updated medical definitions for Advanced Invasive Cancer, which now includes cover for blood cancers that require stem cell transplant for treatment<\/li>\n<li><strong>Accidental Death and TPD:<\/strong> increase of sum insured limit to $2million for Accidental Death cover. For Accidental TPD (Home Duties occupation category) sum insured limits aligned to $1 million.<\/li>\n<li><strong>Clearer definitions:<\/strong> for Benefit Indexation, Accommodation and Counselling benefit and for payment of Crisis Reinstatement option premiums<\/li>\n<li><strong>Accidental TPD Rider:<\/strong> wording made clearer that cover does not convert to loss of independence for Accidental TPD Rider cover, nor for those in the Home Duties occupation category<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\">Income Protection Core<\/span><\/p>\n<ul>\n<li><strong>Premium Freeze:<\/strong> Added Premium Freeze benefit into the IP CORE Built-in summary tables as this benefit is available for IP CORE as a built-in benefit<\/li>\n<li><strong>Retirement Optimiser:<\/strong> Made the policy wording more generic to confirm that clients can insure up to the current Employer Statutory Contribution rate<\/li>\n<\/ul>\n<blockquote><p>&#8230;increases to auto medical underwriting limits<\/p><\/blockquote>\n<p>More details on these and other changes, which also include increases to auto medical underwriting limits, can be accessed in this <a href=\"https:\/\/www.aia.com.au\/en\/adviser\/business-growth-hub\/adviser-news\/aia-priority-protection-enhancements-october-2023\" target=\"_blank\" rel=\"noopener\">Enhancements Summary<\/a> released by AIA Australia.<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/resource-centre\/product-disclosure-statements\/aia-priority-protection-pds-151023\/\" target=\"_blank\" rel=\"noopener\">Click here<\/a> or on the image below to access AIA Australia\u2019s updated 15 October 2023 Priority Protection PDS.<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/resource-centre\/product-disclosure-statements\/aia-priority-protection-pds-151023\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-68208\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231017-AIA-PDS.png\" alt=\"\" width=\"366\" height=\"516\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231017-AIA-PDS.png 670w, https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231017-AIA-PDS-213x300.png 213w, https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231017-AIA-PDS-298x420.png 298w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was strong reader interest this week in the news that AIA has announced updates to its Priority Protection range, effective immediately&#8230; AIA has announced product updates to its Priority Protection range, effective 15 October 2023. Key changes across pricing and product include: Pricing Updates Level premium guarantee: introduction of a 5-year premium guarantee for [&hellip;]<\/p>\n","protected":false},"author":3520,"featured_media":68170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4,8291],"tags":[],"class_list":["post-68168","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68168","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\/3520"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=68168"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68168\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/68170"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=68168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=68168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=68168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}