Life Cover
Preparing for the inevitable is preparing for life. Life Cover can provide financial security for your loved ones when you no longer can. It can be used to settle debts, outstanding loans and other financial costs.
Assess Your Insurance Needs
Use this calculator to work out how much cover you may need.
Find an adviser near you
If you would like to talk about your life insurance needs, we can put you in touch with an adviser in your area
View More >
Email link:
au.adviserservices@aia.com
Why it’s worth considering
When someone dies, or is diagnosed with a terminal illness, it’s terrible news that places great pressure on family and loved ones. Dealing with grief and loss is bad enough, but if the death or illness brings financial worries or even results in the loss of your home, a difficult time is made even worse.
Priority Protection Life Cover and 5-year and 10-year Term Cover pay a lump sum to you or your beneficiary/ies if you die or are diagnosed with a terminal illness.
- Life cover with terminal illness payout
- Choice of payment options
- Final expenses, guaranteed future insurability and financial planning reimbursement benefits included
- Worldwide cover
- Complimentary interim accidental death cover
- Download
Product Disclosure Statement
Click here >
Making the most of your Priority Protection Life Cover
Premium Freeze
Allows you to select to pay the same premium as you paid the previous year by reducing your Sum Insured before the Policy Anniversary date.
Benefit Indexation
The Sum Insured on your policy will automatically increase each year by the Consumer Price Index (CPI) or 5%, whichever is higher.
Guaranteed Future Insurability
Apply for increases in your sum insured without supplying further evidence of health.
Complimentary Interim Life Cover
While your application is being assessed, we will provide Complimentary Interim Life Cover.
Terminal Illness
If you are diagnosed with a terminal illness before your policy expires, we will pay you 100% of your life cover.
Funeral Expenses
We will make an advanced payment to your nominated beneficiary to assist with funeral expenses.
Financial Planning Reimbursement
After a claim is paid for death or terminal illness we will reimburse you or your nominated beneficiary/ies the cost of obtaining financial advice to assist with managing or investing your claim payment.
Priority Protection Life Cover Overview
| Life Cover benefit | Term Cover benefit | Accidental death benefit | |
|---|---|---|---|
| Entry age (next birthday) | 11 and 75 | 11 and 60 (5 year term) 11 and 55 (10 year term) |
16 and 75 |
| Expiry age (policy anniversary prior to age) | 100 | End of chosen benefit term (5 or 10 years) | 100 |
| Premium options | Level, Stepped and Optimum | Level and Stepped | Level |
Alex’s story…
For 27 years Alex was a truck driver who thoroughly enjoyed life out on the open highway. When he wasn’t on the road he lived with his wife and teenage son in Albury helping with the family’s hobby farm.
Alex’s father had died of cancer 10 years earlier without life insurance cover. Alex witnessed first hand the struggle his mother faced as she had no access to immediate money to pay for his father’s funeral. His father also had some outstanding money to pay on the mortgage and his mother was forced to sell the home as she couldn’t keep up with the repayments.
Shortly after his father’s death and seeing his mother’s financial hardship, Alex spoke to a financial adviser to make sure he had enough life insurance to ensure his own family would not face the same financial difficulty like his mother. Alex even went back to review his cover after the birth of his son Tom as his wife was not working.
Two weeks after Alex’s 45th birthday he couldn’t believe it when the doctors said he had colon cancer as he was still a really healthy looking man and initially thought it must have been a mistake. Even worse was the fact that he was told that he would not make it much past his 46th birthday.
After his death Alex’s wife received a call from their lawyer informing her that Alex had life insurance cover and that he was sending her a cheque for $1,042,000.
This meant that she could pay off their mortgage and would not have to go back to work full time, allowing her to stay at home to look after Tom. In addition Tom’s education was taken care of.
Due to Alex’s foresight he ensured that his family was looked after in a time of great need.