Ways to manage affordability concerns

We understand that changes to your clients' circumstances may result in them re-evaluating their cover. This may lead them to reduce their cover or consider cancelling their policies.

You play a key role in guiding your client through this process and we’re here to support you with tools and resources to help clients make informed decisions.  

Lump Sum and Income Protection policy adjustments

Here are some adjustments you may consider making to your client's policy:
Recommendation Prompt

Review your client's personal income, expenses or liabilities to see if they have changed. 
 
For Tailored Protection policies, did you know that your client may have received a 5% increase claims payment for their lump sum cover once it has been held for 5 years or more, at no extra cost? Refer to your client’s Tailored Protection Product Disclosure Statement for more information

For Priority Protection: Choose to stop this increase for 12 months, or permanently.  
 
For Tailored Protection: Choose to stop this increase permanently.

Review whether smoking, health or pastime loadings can be removed if your client's health or lifestyle have changed.

Compare Variable age-stepped (also known as stepped), Variable (also known as level) or Optimum premiums*
 
*Optimum premiums are only available for eligible Priority Protection products
 
 

Review your client’s needs to see if TPD Any occupation definition may be an option.

Reduce the benefit period for IP from To Age ‘65’# to 5 years. Also, discuss if TPD cover could offer a cost-effective alternative for longer term income replacement needs.

Consider an increase to the waiting period for IP, particularly if alternatives such as leave or cash reserves are available. 

For Priority Protection: Removing PLUS Optional or Advantage Optional or move to Income Protection CORE. Consider if an Agreed Value contract is still warranted.  
 
For Tailored Protection: Moving from Income Care Platinum or Income Care Plus to Income Care policy. Is an Agreed Value contract still warranted?

Consider restructuring cover inside superannuation but noting product differences as well as impact on retirement planning and objectives.

Consider if a combination of Crisis Recovery and Crisis Extension is suitable, as this combination can provide a more affordable premium.
 
Only available to eligible Priority Protection policy holders.
#To age ‘65’ means to the policy anniversary prior to the life insured turning 65.

How AIA is supporting clients

We’re here to support you and your clients through these changes. We want to proactively assist clients so they can manage their premiums and inform them of changes they can consider and action themselves.

Benefit indexation

Save on premiums by turning off automatic indexation

Keep premiums the same

Keep premiums the same, by lowering the sum insured

Easier budgeting

Update the payment frequency

Smoking declaration

Let us know if your clients have quit smoking

AIA Vitality

Join and save on your clients premiums^^

AIA Vitality

Eligible Priority Protection clients can access AIA Vitality, our personalised, science-backed health and wellbeing program that supports you every day to make healthier lifestyle choices. The program incentivises you to know your health, improve your health and get rewarded with lower insurance premiums,## discounts and cashbacks on great partners and more.
 
##with eligible policies  
 
Add AIA Vitality to an existing policy

Clients receive an initial premium discount for IP and Lump Sum policies#

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Add AIA Vitality to an existing policy

Clients receive an initial premium discount for IP and Lump Sum policies#

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AIA Vitality Silver Status Reward

A $500 adviser and $500 client payment if your client reaches Silver Status within the first 6 months of joining. T&Cs apply.

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AIA Vitality Silver Status Reward

A $500 adviser and $500 client payment if your client reaches Silver Status within the first 6 months of joining. T&Cs apply.

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Earn up to $760 in rewards

Your client can earn rewards of up to $760 in e-gift cards or cashback, discounted gym memberships, cashback on eligible Virgin Australia Flights and more.

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Earn up to $760 in rewards

Your client can earn rewards of up to $760 in e-gift cards or cashback, discounted gym memberships, cashback on eligible Virgin Australia Flights and more.

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Ensure clients are engaging with AIA Vitality

Don’t miss the discounts, your clients can receive discounts on their premiums when they engage with AIA Vitality.

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Ensure clients are engaging with AIA Vitality

Don’t miss the discounts, your clients can receive discounts on their premiums when they engage with AIA Vitality.

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Download the AIA Vitality app

Manage AIA Vitality activities and rewards in one location.

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Download the AIA Vitality app

Manage AIA Vitality activities and rewards in one location.

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#Visit the AIA Vitality Premium Adjustments page to find out more about the AIA Vitality discount that applies to your clients policy.
 

AIA Vitality Statement Of Advice Flyer

To support your SOA or ROA, use this single page flyer that outlines the AIA Vitality program.

More than just claims - real value for your clients

Insurance cover shouldn’t be just about the financial protection. We believe, it should provide meaningful support that helps clients whether they're well, unwell or recovering.

Through AIA Embrace, your clients have access to our holistic wellbeing ecosystem of world-class programs and partnerships designed to support people's everyday health and wellbeing at every stage of life's journey.
 
AIA Embrace programs include My Psychologist, Pain, Mind and Cancer Coach programs, and many other rehabilitation services tailored to support your clients’ needs. Priority Protection clients may also be eligible for access to the AIA Vitality program.
 
Access to AIA Embrace is subject to eligibility and suitability.

Reports on the Adviser Portal

The Adviser Portal provides an intuitive, interactive dashboard, that gives you access to live reporting.
 
The interactive dashboard helps you stay across upcoming policy anniversaries or any overdue premiums. For forward planning, the Upcoming Anniversaries report provides renewal premium estimates up to 90 days in advance.
 
The enhanced Upcoming Anniversaries report includes a breakdown of the changes to various premium components - such as age-based changes, rate increases and AIA Vitality discount changes - so you can more easily explain the total premium change to your clients.
The report also includes premium estimates for several alterations such as changing waiting periods, removal of Benefit Indexation, switching to TPD any occupation or adding AIA Vitality^^ or AIA Health^^.
 
^^Only available for Priority Protection customers as per their Product Disclosure Statement. Not available for Tailored Protection or Legacy products.

Consider your client's age and current health condition

Your client's age and the likelihood of making a claim can be an important consideration when making policy changes. See how AIA Australia supported your clients in 2024 across a range of products, ages and claim conditions.
If your client's circumstances leads to them to reducing or cancelling their policy, having a final health check conducted by their General Practitioner may be a valuable step to take before making the change. By taking this step, your client can be sure that they have no underlying health conditions that may result in a claim or impact their ability to get cover in the future prior to reducing or cancelling their cover.

For further support

Contact your AIA Client Development Manager or the Adviser Support team can be contacted on 1800 033 490 for Priority Protection and 1800 805 686 for Tailored Protection policies.
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