AIA Priority Protection Update

December 2024

Visit the Adviser Portal to access our updates Product Disclosure Statement and Applications forms.

To continue helping Australians live healthier, longer, better lives, we've updated our
AIA Priority Protection Product Disclosure Statement (PDS).

These updates address recent Council of Australian Life Insurers (CALI) guidance on premium labels and provide clarification of wording used within the PDS to ensure our cover options are clear for advisers and clients.

Changes to Insurance Premium Labels

Last year, CALI provided guidance on the way insurance premium types should be labelled. The aim was to help make premium types and descriptions more understandable for consumers by better reflecting how premiums change over time. 

The changes will apply to all new retail life insurance policies. Labels are changing for all existing AIA Priority Protection customers but not for other legacy AIA products or ex-CMLA products.
 
Although the terminology has changed, the premium type remains the same. As we make these changes across a variety of platforms and collateral, please be aware that you may continue to see premiums labelled with either the old or new terms.

Current label

New Label
Stepped
Variable age-stepped
Level
Variable
Optimum
No change
Term Level
No change

Updates to the Adviser Guide

Recent updates include:
 
  • Updates to the Underwriting Pastimes and Pursuits guidelines.
  • Refined policy replacement criteria for Cancel and Replace applications.
  • Updates to premium type labels.
  • Simplified alteration process for linked TPD Maximiser and IP Super Extra benefit (no cancel and replace process needed).

New AIA Priority Protection collateral

New PDS

Summary of Changes

Statement of Advice template

Application Form

Enhancement Summary

Need more information about AIA Priority Protection?

Contact your Client Development Manager or our Adviser Support team on 1800 033 490.
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