AIA Australia launch enhancements to Priority Protection

AIA Australia’s enhancements to its Priority Protection range include a new option for business owners who want to top up their cover without being medically assessed.

A new benefit has been introduced allowing life, total and permanent disability (TPD) and crisis recovery insurance to be increased sans a medical assessment at the commencement of a business, an increase in equity holdings in an already-established company, or if the insured is promoted to a position deemed critical for the business’s operation. 

The Business Safeguard Forward Underwriting Benefit (FUB) is set up in the typical ‘life-stage’ scenario, except in a more niche SME business sense that allows business owners or managers to protect their commercial assets and interests without more appointments and paperwork. In addition to this new benefit, anyone who has already made a TPD or crisis recovery claim is able to buy life cover up to a year after the original claim was paid without a medical assessment. 

Key enhancements include:

• Personal Events was added to the Guaranteed Future Insurability benefit under Life Cover and Superannuation Life Cover plans.
• If a benign brain tumour is diagnosed by a neurologist, a partial crisis recovery benefit is now payable.
• A new SPDS has been released and is available at the AIA Australia website.