More cover, More flexibility, More Sustainability

Crisis Extension is a rider that is only available with Crisis Recovery, allowing you and your clients to split sum insured across both riders. This means that clients are protected under all the current medical conditions outlined under Crisis Recovery and with Crisis Extension, clients are also protected if their initial diagnosis or their existing condition worsen and meet the medical definitions within the Product Disclosure Statement (PDS). These can work separately or in combination, meaning your clients can claim at the same time when certain medical definitions are met, or separately, dependent on diagnosis.

Further benefiting your clients are more favourable premium calculations. As Crisis Extension covers illnesses and conditions more severe in nature, and does not including those less severe, we are able to reflect this in the premiums accordingly. This also supports your advice of covering clients for when they really need the financial support rather than being paid out once in total for a condition of little financial impact.

Meet AIA Priority Protection client Ryan. At 45 years old, Ryan takes $150,000 of Crisis Recovery with Crisis Reinstatement and an AIA Vitality membership (no other discounts applied). Ryan is a Marketing manager making him occupation rating A1. He has the option to take up any additional amount (he can decide how much) for Crisis Extension so he adds $150,000 in Crisis Extension (this includes Crisis Reinstatement).

His premium for the year for both covers is, Crisis Recovery Stand Alone $831.60 per year and Crisis Extension $483.86 per year, Crisis Reinstatement $49.50. Quote as at 14 January 2022. Then, life happens. Ryan is diagnosed with a cancer that progresses over time.

As shown above Ryan takes out initial cover of $150,000 in Crisis Recovery and $150,000 in Crisis Extension. Awhile later, Ryan is diagnosed with prostate cancer, stage 1 followed by the Crisis Recovery claim being paid.

He receives a claim pay-out of $150,000 from Crisis Recovery as a result of Ryan claiming his total $150,000 sum insured at the early stage (stage 1) of the cancer.

Two years later, Ryan’s cancer recurs, spreading to other parts of his body.

Because he reinstated his Crisis Recovery cover after the first full claim, a partial $15,000 claim is available for the second cancer event (10% of sum insured available after reinstatement.). Then with the progression to stage 4, which meets the definition of Advanced Invasive Cancer, he is eligible for the full $150,000 payment of the Crisis Extension benefit payment.

Without Crisis Extension, Ryan would have received a Crisis Recovery benefit for the Stage 1 cancer diagnosis, but only a partial benefit when the cancer recurred, leaving him financially vulnerable at a time when he couldn’t afford to be. Alternatively, if he had taken $300K of Crisis Recovery, his premium would have been around 22.5% more expensive. (The above quote $1,364.96 vs $1,762.20, Crisis Recovery Stand Alone $1,663.20 and Crisis Reinstatement $99.00, Quote as at 14 January 2022).

Crisis Extension covers the majority of conditions that Crisis Recovery does with a focus on those illnesses that are most prevalent and generally require additional care. For example:

• Cancer events are covered by Crisis Extension when the cancer is diagnosed at or progresses to stage 3 or 4
• Heart attacks are covered by Crisis Extension when the cardiac function is severely impaired after a heart attack. This is when the heart no longer functions at its normal capacity and your patient is physically impaired, gets out of breath and a reduced capability for physical activity
• Coronary surgeries are covered by Crisis Extension when they move beyond medical intervention that requires minimal invasive surgery. For example, open heart surgery would trigger a claimable event under Crisis Extension.

If the client hasn’t previously taken claimed on their Crisis Recovery policy and find themselves facing one of the above examples, they can claim under both Crisis Recovery and Crisis Extension, at the same time, provided it meets the definition outlined in the PDS.

For the events which are not covered by Crisis Extension, clients are able to claim under the Crisis Recovery policy provided it meets the definition outlined in the PDS.

Talk to your AIAA Client Development Manager or Associate today to see how your client can take advantage of Crisis Extension.