Simpler discounts, stronger value

Priority Protection enhancements

Healthier lives start here

Unlock upfront savings and long-term wellbeing with refreshed
Priority Protection discounts. 

At AIA Australia (AIAA) we recognise the vital role you play in helping Australians protect their future. That’s why we’re enhancing Priority Protection - to support you in helping your clients live healthier, longer, better lives, every day.

Simpler discounts, stronger value for your clients

Healthier Life Reward

AIA Vitality discounts

More ways to save

New updated Healthier Life Reward

New Priority Protection clients can now unlock 8% off their lump sum policies, for life, when their BMI at application falls within the new, expanded healthy range of 18-28.

It’s a powerful incentive to take charge of their health, and their premiums. Terms and conditions apply. AIA Vitality membership must be maintained to keep the discount.

Engaging with AIA Vitality is now easier, and more rewarding

AIA Vitality discount

New clients now receive a 10% initial discount on new lump sum and income protection policies.
While it is still necessary to engage with the AIA Vitality program to maintain a discount, reaching Silver Status quickly restores the full 10%.

AIA Vitality Health Check discount

New clients now receive a 5% initial discount on lump sum and income protection policies.

More ways to save with updated policy discounts

Initial selection discount (ISD)

We’ve extended ISD to three years - starting at 15% and reducing by 5% each year, before settling at 0% in year four.

Extended selection discount (ESD)

Prefer more stable premiums? Clients who opt out of ISD will automatically receive a 2% lifetime discount on their policy.

Bundling discounts

We’ve separated the Bundle Discount from the Healthier Life Reward, making it easier for more clients to qualify. The discount gives clients:

4% off when bundling all lump sum policies
10% off when bundling one or more lump sum with one or more income protection policies.

Discounts in action

Meet Michael, 47-year-old male, non-smoker who is a Business Analyst.

Michael recently applied for a Priority Protection policy on a Variable age stepped premium which included:

$1 million in Life Cover
$1 million in Total and Permanent Disablement Cover with an Own Occupation
$300,000 in Crisis Recovery
$8,000 monthly benefit with an Income Protection CORE policy

Michael was originally quoted with a premium of $6,406 per annum. However, as he met the criteria for the Healthier Lives Reward, and added additional discounts, his new year 1 premium reduced to $4,051 - that’s a massive saving of $2,355.

For Lump Sum covers: Initial selection discount excluded. Yearly premiums, Variable age-stepped (also known as stepped premiums), VIC stamp duty and policy fee included, AIA Vitality member premiums include the $150 AIA Vitality contribution fee and the AIA Vitality initial discount of 10% and AIA Vitality Health Check initial discount of 5% in this illustration. For Income Protection Core cover: Initial selection discount included. Yearly premiums, Variable age-stepped (also known as stepped premiums), Indemnity, Income Replacement Ratio: Flat 70%, Benefit Period ‘To Age 65’, 30 Day Waiting Period. VIC stamp duty included and the AIA Vitality initial discount of 10% and AIA Vitality Health Check initial discount of 5% for Income Protection. Case study is based on year 1 discounts.

10% Bundled discount
10% AIA Vitality discount
5% AIA Vitality Health Check discount
8% Healthier Life Reward (on Lump Sum policies)
5% AIA Health Discount as he also holds a health insurance policy with AIAA
15% Initial selection discount

Where more than one type of discount applies to your premium, the discount percentages are applied one at a time. This means that each discount after the first will be applied to the premium already reduced by the previous discount.

AIA Vitality Silver Status Reward

If your client reaches AIA Vitality Silver Status within the first 6-months of their membership, they may be eligible to receive a $500 reward. And, as their financial adviser, you may also be eligible for a $500 payment.

The AIA Vitality Silver Status Reward is just another way we’ve been supporting clients in getting to know their health by encouraging them to reach their Silver Status.

AIA Priority Protection updates

In addition to the discount updates, we've made changes to our Priority Protection offer focusing on providing better support for clients when they need us, reviewed definitions with a view to long term sustainability and changes to occupations and benefits.

Key changes include:

Product updates

Increase to the Financial Planning benefit from $3,000 to $5,000 providing greater support after receiving a claim.
Improving Crisis Cardiac Arrest definition to include pulseless electrical activity (PEA) and pulseless ventricular tachycardia (PVT)

Underwriting updates

11 Income Protection occupation rating improvements
8 occupations added to research houses
Adding family history question for mental health

Other updates

Family and Domestic Violence enhancements including:
- Allowing the Life Insured to cancel cover without expressed consent of Policy Owner in Family Domestic Violence circumstances and replace without being re-underwritten
- Allowing AIA to issue a warning, terminate cover and report abuse to law enforcement
- Withholding policy cancellation notice where unsafe to issue
- Excluding beneficiary from receiving claim payment where their behaviour resulted in the claimable event
Improved PDS readability