Choice and Sustainability by Design
ARTICLE
20 February 2022
3 mins read
3 mins read
Providing the flexibility you need to choose the best option for your client is important to us.
That’s why we’ve introduced a Flat 70% income replacement ratio option within Income Protection CORE.
Sitting alongside our existing 70/60% reducing replacement ratio option, you can provide more choice for clients. As we continue to support sustainability within the Income Protection market, we also recognise that in some instances clients may require the additional benefit support a Flat 70% option provides.
Choosing the right benefit option for your client
- 2 year benefit period – Flat 70% IRR with Own Occ for duration of claim.
- 5 year benefit period – Flat 70% IRR with Own Occ for duration of claim.
- To age 65 benefit period – 70/60% IRR and Own/Suited Occ transition after 24 months.
- To age 65 benefit period – Flat 70% IRR with Own/Suited Occ transition after 24 months.
Priority Protection Income Protection Core includes:
- Benefit Indexation
- Salary Increase Benefit
- Recurrent Disablement
- Rehabilitation Expenses Benefit
- Involuntary Unemployment
- Waiver of Premium
- Complimentary Interim Accidental Income Protection Cover
- Needlestick Injury (Occupation Category M only)
- Elective Surgery
- Premium Freeze - NEW enhancement
Optional Income Protection Core benefits:
Claims Escalation - allows for the claim payments to be increased each year in line with the Consumer Price Index Increase (CPI Increase).
Retirement Protector – an important addition to an advice strategy which pays a monthly benefit to a nominated Superannuation Fund when the client is either a Total or Partial Disablement Benefits. This protects the client’s retirement plans during their period of illness.
Example:
A client’s PDI is $100,000, when a claim is paid, they receive a monthly payment of $5,833 per month (70% of $100,000) into their bank account and $833 per month into their superannuation account.
A client’s PDI is $100,000, when a claim is paid, they receive a monthly payment of $5,833 per month (70% of $100,000) into their bank account and $833 per month into their superannuation account.
For full details download the AIA Priority Protection PDS
Client support available within priority protection
AIA clients receive access to AIAA’s exclusive support programs which focus on helping clients both on and before a claim to live a healthier, longer, better life.
Personal health mentor ensuring clients have the correct diagnosis and treatment plan through access to global medical experts.
Supporting you with integrated advice strategies
At AIAA we’ve developed a deep understanding of the challenges and intricacies advisers face in providing advice within the new Income Protection parameters. Our focus on the new world of income protection throughout 2021 and the expertise of our Technical team positions us as knowledgeable specialists to support you and your teams on this continuing income protection journey.
The new requirements highlight the importance of using our wide range of AIAA insurance products in combination within your strategies.
The new requirements highlight the importance of using our wide range of AIAA insurance products in combination within your strategies.
Access our comprehensive suite of support materials provided to assist you.
For more information about AIAA’s Priority Protection contact your AIAA Client Development Manager or Associate, or our Adviser Support team on 1800 033 490.
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