AIA updates the benefits of its living products

AIA has released a raft of changes updating the benefits that apply to its living products covering critical conditions, progressive care, life cover, and family protection, including changes to selected closed Sovereign, TotalCareMax, AIA Trauma and AIA Life Cover products.

Some of the key changes, which are applicable to new claim events on or after 10 October 2023, include:

·         The minimum coverage age for standalone children’s trauma has been lowered from two years to three months.

·         Extension of the life buyback reinstatement period from 30 to 60 days.

·         Removed the benefit for new business that pays on the diagnosis of medically or occupationally acquired HIV, and introduced a new benefit that pays on the diagnosis of advanced AIDS – regardless of transmission method.

·         Changed the terminal illness definition to clarify that life expectancy is less than 12 months, despite all reasonable medical treatment.

·         Increased bereavement support benefit from $15,000 to $25,000 in cases where there is joint policy ownership.

·         Removed the 5% limit to pay up to $20,000 as an early payment if the life assured dies overseas to return their body to either New Zealand or their home country.

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