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September 11, 2017

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AIA Product Update Notice

August 20, 2017

​Notice to all Gold Standard Hub Advisers;  

 

AIA has updated product effective 18 Aug 2017 and made the following changes to their products. Please review all your AIA clients over the last 12 months and update where required. Please use The Advice Hub approved independent product research tools for each client.

 

1. Cancer Treatment Benefit Changes; The AIA Cancer Treatment Benefit can now also be taken with AIA REAL Life Cover 

* or AIA REAL TPD Cover.

*Minimum sum assured of $300,000 of either AIA REAL Life Cover or AIA REAL TPD Cover is required to add this Benefit.

 

2. TPD Pricing Reduction: We have made our YRT pricing more competitive for customers aged 35 – 50 years. Please refer to INSIGHT to view new pricing.

 

3. Bundling Discount Changes; The minimum cover amounts required to qualify for bundling discounts requirements have changed, as per below. These changes apply to both Personal and Business Cover illustrations when you bundle other benefits with Life Cover.

* Life cover, No change (minimum $100,000)

* Trauma cover amount minimum is now $75,000

* TPD cover amount minimum is now $75,000

* Income Protection (which includes Agreed Value, Indemnity, Loss of Earnings Premier, Vital Income Protection and Mortgage, Income and Rent Cover) minimum is now $2,000 per month

* New to Business, Business Continuation and Farmers Revenue Protection is also now minimum $2,000 per month.

 

4. Upfront Commission Renewal Changes; In an effort to offer a streamlined renewal commission, this will move to flat 7.5% from year one.

*Please note all policies submitted before 11 August 2017 and issued prior to 10 September 2017 will receive the existing commission rate.

 

5. Level Premium 3 year Guarantee; AIA Level Premiums for AIA REAL Trauma Cover and AIA REAL TPD Cover will now be guaranteed for a period of 3 years from the policy commencement date. AIA REAL Life Level premiums still remain guaranteed for life.

 

6. Level Premium Indexation Benefit Option Changes; AIA has capped its Level Indexation Benefit Option, the benefit will now expire at age 70 irrespective of whether the Level term selected continues beyond age 70. This will apply to all new Level REAL Life Cover and Level REAL Trauma Cover* policies.*Existing Quotes are valid for 30 days from 11 August 2017.

 

7. Product Enhancements;

Personal Life Cover*

*Financial Planning Benefit, Now Financial Planning & Legal Benefit

 

Business Life Cover*

*New Funeral Benefit: Accelerated payment of $15,000 upon death of the Life Assured

* New, Financial Planning and Legal Benefit: $750 payable upon payment of a Life Cover Benefit 

*Removal of the three yearly review requirement to exercise the Business Increase Option

 

Personal Trauma Cover

*First three years now guaranteed not to increase for Level Trauma Cover

* New, Financial Planning and Legal Benefit: $750 payable upon payment of a full Trauma Cover payment

* Enhancement of Buyback Life Benefit: Reinstatement now available after six months for certain conditions – Paraplegia, Quadriplegia, Diplegia and Hemiplegia, Parkinson’s Disease, Alzheimer’s Disease, Dementia, Blindness, Loss of use of Limbs and Sight of one eye or Multiple Sclerosis

* Removed Drug and Alcohol exclusion on Chronic Liver Failure

 

Business Trauma Cover

* New, First three years now guaranteed not to increase for Level Trauma Cover

* New, Financial Planning and Legal Benefit: $750 payable upon payment of a full Trauma Cover payment

*New, Optional Reinstatement Benefit: Reinstate 100% of your claim amount within 60 days of the first anniversary of the claim

* Enhancement of Buyback Life Benefit: Reinstatement now available after six months for certain conditions – Paraplegia, Quadriplegia, Diplegia and Hemiplegia, Parkinson’s Disease, Alzheimer’s Disease, Dementia, Blindness, Loss of use of Limbs and Sight of one eye or Multiple Sclerosis

*Removal of the three yearly review requirement to exercise the Business Increase Option

* Removed Drug and Alcohol exclusion on Chronic Liver Failure

 

Personal TPD

* New, First three years now guaranteed not to increase for Level TPD Cover

* New, Financial Planning and Legal Benefit: $750 payable upon payment of a full TPD Cover payment

 

Business TPD

* New, First three years now guaranteed not to increase for Level TPD Cover

* New, Financial Planning and Legal Benefit: $750 payable upon payment of a full TPD Cover payment

* Removal of the three yearly review requirement to exercise the Business Increase Option