AIA Priority Protection Enhancements

ANNOUNCEMENT
16 October 2023 dot 4 mins read
In continuing to do the small somethings that help people live Healthier, Longer, Better Lives, we’re making further enhancements to our Priority Protection product.
Our latest enhancements are designed to drive efficiencies within the life risk advice process and improve pricing competitiveness. These include increases to auto medical underwriting limits, more competitive rates for our female customers, and an extension to our market leading 5-year premium guarantee. 

Increases to Medical Underwriting Limits

With Karen Janes as our new Chief Underwriter, our team is working to further simplify the underwriting process for you. Increases to medical underwriting limits, coupled with a more client-centric approach to common medical conditions, is enabling our underwriting team to deliver faster, more industry competitive insurance offers.

You can reference these Underwriting Limits on page 8 of the Adviser Guide. 

Life cover and TPD

Medical requirements are needed once cover reaches the levels shown below.

 

Up to 45

46-50

51-60

61-65

66+
MBA
$2,500,001
$2,500,001
$1,500,001
$750,001
$600,001
Short Medical Exam
$2,500,001
$2,500,001
$1,500,001
 
1,000,001
$500,001
Stress Echocardiogram
Nil
$10,000,001
$5,000,001
$5,000,001
 
$5,000,001
 
PSA
Nil
$10,000,001
 
$5,000,001
 
$5,000,001
 
$5,000,001
 
Full Blood Count
Nil
$10,000,001
 
$10,000,001
 
$10,000,001
 
$10,000,001
 
Note: Where Life and TPD Stand Alone or Life and Universal TPD Stand Alone are both purchased together, the higher sum insured will apply.

For Short Medical Exams, completion of AIAs full application is required (including Personal History and Medical History).

Crisis Recovery

 

Up to 50

51-60

61+
MBA20 & Short Medical Exam 1,000,001 $600,001 $500,001
Stress Echocardiogram
Nil
$1,000,001
$1,000,001
PSA
Nil
 $1,000,001 $750,001
Full Blood Count
Nil
 $1,500,001 $1,000,001
Note: Where Life or TPD Stand Alone or Universal TPD Stand Alone is also purchased with any Crisis Recovery benefit, the stricter limits will apply.

For Short Medical Exams, completion of AIAs full application is required (including Personal History and Medical History).

Improved pricing

After a review of our pricing, we have reduced female new business TPD rider premiums by 10-20% within the 45 to 60 age cohort. 
 
Plus, the Healthier Life Reward will be offered to new customers who are non-smokers with a body mass index of 18-26, who take up the AIA Vitality wellbeing program, and who have no medical loadings on their policy.
AIA Vitality Member
Non-Smoker
BMI 18-26
No Medical Loading
New Business Customer

Press pause on rate increases with our 5-year rate guarantee

Delivering more certainty for our Priority Protection customers has never been more important. That’s why we’re extending our existing 5-year rate guarantee# to all LEVEL premium Income Protection CORE policies and Lump Sum policies. This means you and your clients can count on our support amid continuing cost-of-living pressures, with reassurance and stability around ongoing premiums.
#If an existing Policy is altered or cancelled and replaced with another Priority Protection policy, the premium rate guarantee period does not restart from the date of the alteration or replacement. For full details, please see the AIA Adviser Guide.

New AIA Priority Protection Collateral

On 15 October 2023, we launched our updated AIA Priority Protection Product Disclosure Statement (PDS) and other material, including a summary of the changes we’ve made.

Adviser support resources

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.