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  • Addressing the affordability concern

    28 April 2020


    At AIA Australia, we understand that clients have various every day expenses, creating a need to keep an eye on their budget. From paying for groceries, maintaining mortgage repayments, child related expenses and many more. Providing your clients with various options to help minimise cost and maintain their insurance cover is something AIA can help with. 

    Affordability banner image

    What are the options?

    Premium payment basis – paying premiums once annually is a more affordable option because your clients avoid paying frequency loadings of up to 8% for premiums paid monthly or half yearly.

    Premium Structure – structuring your client’s policy with a long term view provides additional options. For example, whilst Stepped premiums are cheaper than the alternatives in the first year, over the long term, other premium structures could be cheaper. AIA Australia provide clients with three additional premium structure options, these are:

    • Level – True level premiums offer a cost-effective way for your clients to save on their premiums over the long term. The best part about AIA’s true level premiums, is we calculate benefit indexation increases based on the client’s age at the time the cover commenced, not at their age when the increase applies.
    • Term Level – Term Level allows your clients to keep their premiums level for a pre-determined period of 5, 10 or 15 years before their premiums covert to stepped and at which point they also receive a loyalty discount. This premium option is ideal for clients who have specific financial needs with known fixed terms, enabling you to match the right premium pattern to your clients’ needs.
    • Optimum – gives your clients the option to have the upfront cost effectiveness of stepped premiums with the consistency and longer term savings of level premiums.


    Superannuation rollover monies
    - using their superannuation rollover monies to pay for their policy. The benefits of using super rollover monies is that your clients won’t have to budget for their policy via their available funds, therefore keeping their policy in place if the unfortunate were to happen. Furthermore, the policy premiums are paid by using pre-tax income.

    Becoming a non-smoker – if your client currently holds an AIA Priority Protection policy, was accepted on smoker rates and has quit smoking for over 12 months, they can complete a non-smoker declaration, which could reduce their premiums significantly.

    Additionally, if you have clients with health or pastime loadings on their policies, reviewing those policies could result in cheaper premiums where the loadings can be removed due to health improvements.

    AIA discounts – AIA has a number of discounts available which are outlined below.

    Bundled discounts - save 12.5%

    If your client has both Lump Sum and IP plans with AIAA, they may be eligible to receive a 12.5% discount on their Lump Sum premiums.

    If your client’s policy includes:

    • one of more ‘Required Income Protection Plans, (as described in the table below) with a total combined premium for all ‘Required Income Protection Plans’ of $7001 or more per year, and
    • one or more ‘Eligible Lump Sum Plans’ (as described in the table below) with a total combined premium for all ‘Eligible Lump Sum Plans’ of $7001 of more per year,


    then the Eligible Lump Sum Plan(s) premium will receive the Bundled Discount of 12.5%.

    1 Excluding Stamp Duty, Policy Fee, AIA Vitality Contribution Fee, AIA Vitality Discount, Health and Life discount and Term Level loyalty 

    Required IP plans Eligible Lump Sum plans
    Income Protection Life Cover
    Business Expenses Crisis Recovery Stand Alone
    Superannuation Income Protection Superannuation Life Cover
     - Including Super Extras  - Including Superannuation PLUS
       - Including Maximiser

    AIA Health Insurance – save 5%

    AIA Health Insurance (previously myOwn health insurance) is AIA’s health insurance option to increase your clients’ coverage providing them with greater options. If your client is insured under an AIA Health Insurance or myOwn policy, their Priority Protection premium (exclusive of stamp duty, premium frequency charge, health loadings and policy fee) may be discounted by 5% as long as AIA Vitality remains attached to the AIA Health Insurance or myOwn policy.

    AIA Vitality - up to 20% discount

    AIA Vitality is our science-backed health and wellbeing program that helps clients to improve their health, and rewards them for it.

    Having, and actively engaging in, AIA Vitality can see your clients reach up to 20% discount on their lump sum, IP and Business Expenses premiums. What’s great is that your client will automatically receive a 17.5% discount on their new lump sum premiums and a 7.5% discount on their IP and Business Expenses premiums for the first 12 months of their policy.

    In addition to the discounts, your clients can earn up to $500 in retail shopping vouchers each membership year. The vouchers can be used across a range of our Shopping Rewards partners including Woolworths, Myer and rebel. Members can also earn $5 a week in Active Benefits rewards.

    Members earn AIA Vitality Points by learning about and improving their current state of health in areas such as nutrition, exercise and mental wellbeing.

    Earning Points also contributes to a member’s AIA Vitality Status (Bronze, Silver, Gold and Platinum). A member’s AIA Vitality Status determines the level of discount a member is able to receive on some of AIA Vitality’s rewards including insurance premiums.

    Access to AIA Vitality is available with eligible AIA Health Insurance and standalone Priority Protection policies.

    By having a holistic health and life insurance offer, not only will your clients benefit from accessing many discounts, they will be able to manage their life and health insurance needs with one company, while also gaining the rewards provided by AIA Vitality.

    There are many other premium saving options that may be available to your client. If you have any questions on how you could help save your clients more, please contact your State Office or CDM.

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    enquiries@aia.com.au

    AIA Global aia.com

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    enquiries@aia.com.au

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    Copyright © 2021. AIA Group Limited and its subsidiaries or affiliates. All rights reserved. Priority Protection and Priority Protection for Platform Investors products are issued by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043). AIA Vitality, a personalised, science-backed program that supports members every day to make healthier choices, is available with eligible products issued by AIA Australia. AIA Health with AIA Vitality is issued by AIA Health Insurance Pty Ltd ABN 32 611 323 034, a registered private health insurer governed by the Private Health Insurance Act 2207, Private Health Insurance Rules 2007 and the AIA Health Insurance Pty Ltd Fund Rules. The information on this website is current as at 14 January 2021 and may be subject to change. It is general information only and is not intended in any way to be financial, legal, tax, health, medical, nutritional or other advice. You should consider your own personal circumstances and needs and view the relevant product documents, fact sheets, fund rules and terms and conditions before making a decision to acquire such products. If necessary you should obtain professional advice from a financial, tax, medical or health professional. Unless expressly stated, any views or expressions of opinion (including any video content) do not represent the opinion of AIA.
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