Income Protection Insurance
An accident, illness or temporary disability at some time in your working life is a very real possibility. And recovering from an illness or accident is difficult enough without the extra stress of financial worries.
If you’re unable to work because of an illness or accident, how would you cover your everyday expenses such as rent, food and phone? What about debt repayments such as your mortgage or credit card? Sick pay generally only covers a few days absence each year, so it’s important to have a contingency plan in place.
The solution is AIA Income Protection Cover.
Income Protection Insurance
- AIA Income Protection Cover
Providing you with a regular income if you become sick or have an accident.
AIA Income Protection Cover helps protect against the loss of one of your most valuable assets - your ability to earn money.
If you’re unable to work in your job for more than 10 hours a week because of sickness or an accident, Income Protection Cover can provide a monthly income of up to 75% of your gross income.
Plus our Income Protection Cover has loads of added features for extra protection – for instance benefits for recurrent disability, permanent disability, bed confinement, rehabilitation, occupational retraining, home care and more.
It’s reassuring to know that you have something to fall back on when life isn’t running so smoothly.
Please refer to the relevant policy document for full details of the insurance contract and the terms, conditions, limitations and exclusions that may apply.
- Guaranteed renewable to age 65 or 70
- Choice of waiting and benefit periods
- Premiums waived while a benefit is paid
- Additional benefits for recurrent disability, permanent disability, bed confinement, rehabilitation and more
- Choice of agreed or indemnity value
- Worldwide cover
If you have an accident or illness that means you’re unable to work, AIA Income Protection Cover pays you a monthly income of up 75% of your pre-tax income.
In addition, Income Protection Cover gives you extra protection with the following benefits:
- Partial disability – a benefit will be paid if, after a 7-day period of total disability, you’re able to work but in a reduced earning capacity
- Total disability – payment of up to 100% of your pre-disability income if you’re totally and permanently disabled
- Bed confinement – a daily benefit will be paid if you’re confined to a bed for over three continuous days as a result of total disability
- Return to home – payment of up to three times the monthly benefit to help with the costs of returning home from overseas if you’re totally disabled
- Home care – an additional payment of up to $2500 to help with the cost of a full-time carer at home
- Occupational retraining – a benefit will be paid for reimbursement of costs to retrain after a claim has been made
- Rehabilitation – payment of up to six times the monthly benefit to cover company-approved purchases of specialist equipment or home alterations
- Death – payment of up to $30,000 if you die.
Income Protection Cover also makes it easy for you to get covered:
- Increasing income – if your income increases you can increase your Income Protection Cover without any medical underwriting
- Recurrent disability – if the same disability occurs within 12 months the waiting period is waived for the second episode
- No claim benefit – if you don’t make a claim for three years we’ll double your occupational retraining and death benefits.
|Qualifying age*||Depending on your occupation class, you need to be either 16 – 59 years* or 16 – 54 years of age|
|Duration of Policy||Policies are annually renewable to age 65 or 70|
|Benefit periods||2 years, 5 years, to age 65 or 70|
|Waiting periods||4, 8, 13, 26, 52 or 104 weeks|
|Premium options||1 year or level (not guaranteed)|
*Individual consideration will be given to ages outside this range.
58-year-old Dave was rushed to hospital with severe chest pain. He had angioplasty (surgery that restores normal blood flow through a clogged artery), but continued to have ongoing pain despite his treatment.
Normally, Dave could have expected to be back at work within weeks following his surgery, but his recovery was not as quick as he’d hoped. Ten months following his first hospitalisation, he was still unwell and unlikely to be able to return to his construction job in the near future.
While all this was going on, Dave’s AIA Income Protection Cover helped with mortgage payments and living expenses for his family, which allowed Dave to focus on his recovery.