Life Insurance for Business Owners
The early death of a business owner or key person in a business can be devastating for any business.
Statistics tell us that in a business with two partners around 35 years of age, there’s a 30% chance that at least one business partner will die before the age of 65¹. So how would the business continue to operate and grow without the key skills and knowledge of the owner or key person?
If you’re in a business partnership how can you ensure your business’ and your family’s best interests are looked after even when you’re not around?
The solution is AIA Life Cover.
Life Insurance for Business Owners
- AIA Life Cover
Ensuring your business and your loved ones are taken care of if you die.
AIA Life Cover provides a lump sum payment if you or a key person in your business dies or is diagnosed with a terminal illness. It is paid to help protect your interests in the business, for instance to reduce debt, hire a replacement person or to prepare your business for sale.
We have three types of Life Cover:
- Life Cover
- Level 15 Life Cover that keeps your premiums* at the same rate for 15 years at a time, making it easier to budget
- Cash Back Life Cover that has a premium* return option and a 20-year term. It provides a partial refund of your premiums* after six years – or a 100% refund* after 20 years – if a claim hasn’t been made.
Life Cover has the flexibility to adapt as your business changes, with the ability to increase your level of cover without any medical underwriting (excludes Cash Back Life Cover). Plus, it has a funeral benefit to help with funeral costs should the worst happen.
*Excluding policy fee.
1Mortality: NZ Life Tables, Disability: Davies Financial and Actuarial (2004)
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Comprehensive life insurance with terminal illness payout
- Choice of three different plans
- Choice of payment options
- Funeral benefits included
- Ability to increase your cover as your business grows
- Worldwide cover
AIA Life Cover provides a lump sum payment in the event of your death. If you’re diagnosed with a terminal illness and death is likely within 12 months, you can choose to receive up to 100% of your cover before your death.
Our Life Cover also provides:
- A funeral benefit – accelerated payment of $12,500 after your death, and
- An accidental death benefit – free cover in case you have an accidental death while your Life Cover application is being processed (conditions apply).
Plus, as your business grows you can easily increase your Life Cover without any medical underwriting to adapt to your business’ changing needs (excludes Cash Back Life Cover).
Contact us now to find an AIA Insurance Adviser near you.
| Life Cover | Level 15 Life Cover | Cash Back Life Cover | |
|---|---|---|---|
| Qualifying age* | 16 - 59 | 16 - 59 | 0 - 64 |
| Duration of policy | Annually renewable to age 99 | Annually renewable to age 99 | Annually renewable term life policy with a 20-year term |
| Premium options | Optional premium** guarantee period of one year, or choose the level option (not guaranteed) | Guaranteed level premiums** for 15 years at a time, increasing 25% every 15 years to age 80 | Guaranteed level premiums** for the whole 20-year term |
*Individual consideration will be given to ages outside this range.
**Excluding policy fee.