Our dream is to champion Australia to be the healthiest and best protected nation in the world and we aim to achieve this through our shared value approach. To support this we're launching new features and enhancements to our Priority Protection cover.
NEW Priority Protection Healthier Life Reward
ARTICLE
17 April 2023
AIA Priority Protection Update
Introducing, AIA Priority Protection Healthier Life Reward.
This feature complements AIA Vitality and rewards healthier life choices, like being within a healthy Body Mass Index (BMI) range and being a non-smoker, from the moment an eligible member joins and for the life of their membership.
What are the criteria the client needs to meet?
AIA Vitality Member
Non-Smoker
BMI 18-26
No Medical Loading
New Business Customer
- The Insured is an AIA Vitality member, or at the time of application has applied or is eligible to become a member. *
- The Insured is accepted as a non-smoker.
- The Insured’s BMI range is between 18.00 and 26.00 inclusive.
- The policy is issued with no premium loadings resulting from medical underwriting and does not include Crisis Recovery issued on a modular basis (Cancer and Coronary, Cancer Plus or Coronary Plus).
*Continued AIA Vitality membership is required to maintain the benefits of the Healthier Life Reward.
What is the Healthier Life Reward?
Rewarding healthy members is just another way we’re helping even more Australians lead Healthier, Longer, Better Lives.
When your client meets the criteria for the Healthier Life Reward, they’ll receive the following additional benefits on any new policies issued:
AIA Vitality Premium Flex
capped at 8.75% for Lump Sum
3.75% for Income Protection
2% Lump Sum Discount
for the life of the policy
Up to 17% Bundle Discount
On one or more eligible
lump sum plans
Half of the AIA Vitality initial discounts will be fixed. The premium flex discount will reduce to no lower than 8.75% for Lump Sum benefits and 3.75% for Income Protection CORE benefits.
2% discount will be applied to any lump sum premium rates (excluding the Waiver of Premium benefit) for the life of the policy.
An increased bundled discount - 17% bundled discount or 10% Lump Sum bundled discount, where applicable to the new policy.
Ongoing qualification for the Bundled Discount or Lump Sum Bundled Discount is subject to separate criteria as detailed under the PDS. Please refer to the ‘AIA Vitality Premium Adjustment Rules’ available at aiavitality.com.au for rules governing discounts.
Crisis Recovery Progressive Events
Our new Product Disclosure Statement (PDS) also introduces Progressive Events to our Crisis Recovery cover. From our claims experience, we’ve identified conditions that are long-term and progressive in nature. This product feature supports the lives insured who suffer a progressive event with enhanced access to policy upgrades.
Our Progressive Events list includes over 25 conditions including those shown below. View the full list of conditions and policy enhancements here.
Examples from our progressive conditions list:
- Alzheimer’s Disease with significant cognitive impairment
- Dementia
- Multiple Sclerosis
- Parkinson's Disease
- Cardiomyopathy with serious impairment
- Motor Neurone Disease
- Muscular Dystrophy
- Severe Rheumatoid Arthritis
We’ve undertaken a review of past claim following this change and will be writing to advisers with impacted clients. Our assessment is limited to the medical evidence submitted at the time of those claims.
Should your client’s circumstances change, we recommend you contact our claims team on 1800 033 490 to review the claim.
Enhancing the AIA experience
Together with the launch of AIA Priority Protection Healthier Life Reward, we’re upgrading our member experience with the release of our brand-new AIA Vitality app and the new Apple Watch benefit. These program upgrades will give members even more ways to know their health, improve their health, get rewarded, and stay motivated.
Search ‘AIA Vitality Australia’ in the App Store or Google Play Store to download today.
New Priority Protection Documents
On 16 April 2023, we launched our new Product Disclosure Statement and new Priority Protection documents for all applications. Access the new documents below or from the Adviser Site.
NEW PDS AND APPLICATION FORM
ADVISER SUPPORT RESOURCES
Other Changes
To support customers and advisers in their understanding of their insurance, here are some recent changes we’ve made.
Premium Structures
We’ve updated our wording around premium structures to align to APRA’s expectations and recent feedback to insurers about customers understanding of premiums.
Clarification has been provided, particularly around Level premiums and you will see updated wording across our PDS, Adviser Guide, and other materials. You can also access a series of flyers on premium structures here on our website.
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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