AIA’s Term Level premium structure may be an alternative solution to your client’s need. Offered through the Priority Protection (PP) and Priority Protection for Platform Investors (PPPI) product ranges, Term Level offers the predictability of Level premiums for a selected term of five, ten or fifteen years. This means if Term Level is right for your clients, you can offer them real predictability for their chosen term, as opting for a Term Level premium will help your clients avoid yearly Stepped premium increases.
In addition, dependent on your client’s situation and selected cover, Term Level premiums could be cheaper than Level premiums. Your clients will also benefit from cumulative Term Level premiums that are lower than cumulative Stepped premiums.
Once your client’s chosen initial term expires, they can continue their cover with no additional underwriting required, as premiums automatically default to a Stepped premium pattern. If they’re eligible, they can choose to convert their cover to another premium pattern such as Optimum, or choose to commence a new Term Level.
As an additional benefit, at the end of your client’s chosen term, they will receive a loyalty discount of up to 5%, which will apply to that benefit until its expiry date and is transferable to any replacement policy.