Income Protection CORE

Priority Protection

Safeguarding your financial security, should you ever find yourself unable to work due to illness or injury.

Being able to work and receive a salary means that you are your greatest asset. Your salary enables you to purchase your home, pay your bills and support you and your family’s lifestyle. Losing the ability to work unexpectedly due to injury or illness can be incredibly stressful. And without an income it may become challenging to meet your financial commitments and the day-to-day needs of your family that your salary usually covers.

One way to help safeguard your income is by choosing Income Protection CORE cover with AIA Australia. 

Should you be unable to work, your cover will replace up to 70% of your income for a period of your choosing, leaving you free to focus on the most important thing – your health and recovery. 

Below is a snapshot of Income Protection CORE cover and the options available to you. For the full terms and conditions refer to the Product Disclosure Statement and Incorporated by Reference information.

AIA Australia has prepared a Target Market Determination which describes the class of consumers that comprise the target market for this product. The Target Market Determination can be sourced at aia.com.au/tmds.

Interested in holding income protection core cover?

You can apply for Income Protection CORE cover through a financial adviser who can help you determine if Income Protection CORE is suitable to your needs.

If you don’t have an existing relationship with a financial adviser, chat to the team at AIA Financial Wellbeing.

You can tailor your Income Protection CORE cover to best meet your lifestyle needs, including:
The cost of your insurance – known as your premium – will vary depending on the Monthly Benefit, Benefit Period and Waiting Period you choose.
 
AIA Australia will also consider other risk factors to determine your premium. These include your age, gender, smoker status, occupation and current health.

Eligibility summary

You can choose from stepped, level or optimum premiums. For more information about these different premium types, please visit Life Insurance (aia.com.au) and discuss with your financial adviser.

Your Income Protection CORE policy can be set up in different ways, depending on how you would like to structure your insurance.
Ownership is something that should be carefully considered and discussed with a financial adviser. They will be able to explain any tax or estate planning implications for each ownership structure, as well as how legislation could impact how a claim is paid.

Occupation Category

Typical Characteristic

A1
  • Professionals, executives and senior management, in an office-based management role, earning more than $120,000 per annum over the last two (2) years; or
  • Professionals, executives and senior management, in an office-based work environment, whose income is less than $120,000 per annum over the last two (2) years, who hold a tertiary qualification (Bachelors or Masters degree, PhD granted by a recognised third level institution).
A2
  • Primarily for Science and IT professionals that are office and / or laboratory based, including select Engineering professionals that may not be solely office bound. Includes Civil Engineers, Research Chemists and Computer programmers.
M
  • Select highly qualified medical professionals requiring membership of a professional or government body in order to practices that occupation.
  • Includes Doctors (medical), Anaesthetists, and Cardiologists and excludes allied health professionals such as chiropractors, osteopaths and physiotherapists.
A3
  • White collar occupations that involve clerical and administrative work only, who are not working in a warehouse, manufacturing or industrial environment. Includes Data Entry Operators, Clerks and Copywriters.
A4
  • Select white collar occupations that are not strictly office or deskbound and whoes roles may include a degree of driving or travel. This category is also for selected allied health professionals whose roles may require some clinical hands-on duties. Includes Interior Designers, Osteopaths, and Agricultural Consutants.
B1
  • Occupations not classified as white collar and may involve some very light manual work. Includes supervisors and persons working in environments with a low accident or sickness risk.
B2
  • Occupations that involve light manual work or limited driving or working in environments with an increased accident or sickness risk.
C1
  • People who perform predominently light to moderate manual duties in various industries and environments with a moderately increased accident or sickness risk, including selected tradespeople (those who hold a trade certification and licencing and currently work in that trade).
C2
  • People who perform moderate to heavy manual duties in various industries and environments with a moderately high risk of accident or sickness, including selected tradespeople (those who hold a trade certification and licencing and currently work in that trade).
D
  • Semi-skilled workers and unqualified tradespersons, who perform heavy manual work, e.g. Fencing Contractors, Plasterers, Cleaners.
E
  • Unskilled workers, who perform extra heavy manual work, e.g. Concreters, Earth-Moving Workers, Carpet Layers.
Income Protection CORE cover is not available to Occupation Category E

To Age 65, offering choice of;
 
  • Flat 70% income replacement with an Own Occupation definition transitioning to Suited Occupation definition after 24 months on claim, or
  • 70% income replacement tiering to 60% and Own Occupation definition transitioning to Suited Occupation definition after 24 months on claim.

Optional add ons

Your Income Protection CORE cover is loaded with valuable benefits - providing you with great value and enhanced protection.
Several of the benefits are provided through a Complimentary Income Protection CORE Extras policy, which is provided to you if you have an Income Protection CORE policy.

Eligibility summary

Please consider these eligibility requirements when choosing Income Protection CORE cover with AIA Australia.
Choosing to hold your cover with AIA Australia, not only means you’re protected by one of Australia’s largest insurers, but you also get to access great benefits that help you stay healthy and support your recovery if you become sick or injured.

Take the next step in protecting your financial future with AIA Financial Wellbeing.

  

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