Stop automatic increases

Benefit indexation helps your cover keep up with the rising cost of living. This is intended to help you have enough cover now and in the future. If you have not removed benefit indexation before, you can turn it off to help lower your premium increases in the future.

What you need to know

  • If your policy includes benefit indexation, your cover goes up each year. For Priority Protection, it increases by whichever is higher — up to 5% or the Consumer Price Index. Other policies may increase differently.
  • As your cover goes up, your premiums will also increase.
  • Benefit indexation is optional.
  • Turning off benefit indexation may reduce your premiums by up to 5%.
  • You can choose to turn benefit indexation off and this will be applied at your next policy anniversary. Please check your Product Disclosure Statement for full details and conditions.

What you need to consider

Before you decide, it’s important to think about:
 
  • If you turn off benefit indexation, your cover will not grow with inflation. This means your insured amount may not be enough in the future.

  • Think about your current needs and what you might need later.

  • If you’re not sure, or if you need help, we suggest you speak with a financial adviser or contact us.

What happens next

More complex needs?

You should also speak to a financial adviser if, for example:
 
  • You hold a policy through a Self-Managed Super Fund (SMSF),
  • You have a policy owned by a company, or
  • You have more than one person insured under the same policy.
If you don’t have a financial adviser, you can follow the link below to find one.

Take control of your insurance

Lock in your premium

Keep your premium the same, by reducing your cover amount each year.

 

Learn more >

Pay yearly

Switch to annual payments and save up to 8%.


 

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Quit smoking

Tell us if you have quit smoking for 12 months and you could save up to 50%.

 

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Join AIA Vitality

Join our health and wellbeing program and save on your premiums.

 

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Change your TPD option

Switch from Total and Permanent Disablement cover with an “Own Occupation” definition to TPD with a narrower “Any Occupation” definition and save up to 45%.

Learn more >

Review your cover

Check if your cover still fits your current lifestyle and needs with the help of a financial adviser.

 

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Get health cover

Join AIA Health and save 5% off your AIA Priority Protection insurance premiums.

 

Learn more >

Please note that the savings shown are indicative only and may vary depending on your individual circumstances. Actual savings will depend on a range of factors. For a personalised quote, please speak with your adviser, complete the respective online DocuSign form available at aia.com.au/manage or contact us directly. Make sure you read your PDS and any updates to understand the full details.