Life Insurance
Lump sum payment if you were to pass away or are diagnosed with a terminal illness.
What is income protection insurance and why do you need it?
Your ability to work is your biggest asset. If you are unable to work due to an illness or injury, you’ll want to know your finances, family and lifestyle are taken care of. AIA's Income Protection insurance provides regular monthly payments, replacing a portion of your income so you can meet your ongoing financial commitments, which allows you to focus on your recovery.
With AIA, you have the choice between 2 types of income protection insurance:
Income Protection (IP)
Provides a monthly payment to replace a portion of your income if you have an illness or injury and are unable to work. Within IP you have three options to choose from: Agreed Value, Indemnity Cover and Loss of Earnings. Each of these options differ in the way your cover amount is calculated at application and at the time of claim.
Mortgage and Income Protection (MIP)
Provides a monthly payment to replace a portion of your income, mortgage or rent payments, should you suffer an illness or injury and are unable to work.
Depending on your situation you may choose to have a combination of our income protection options ensuring you have the right cover for your needs.
If you are a business or a farm owner, explore our business and rural insurance options to provide financial support if you or a key person is unable to work due to illness or injury.
If you are looking for basic insurance to cover your rent or mortgage payments, explore our Starter Plans with cover from $5.65* per fortnight. Find out more.
*The price of your plan will depend on your personal information. The indicative plan pricing for AIA Healthy Starter shown above is based on a 32 year old non-smoker male with $1,000 of rent cover for 6 months with an 8 week wait period.
If you are receiving ACC payments and have taken out Income Protection (Agreed Value, Indemnity or Loss of Earnings), the amount you receive from ACC will be deducted from your payment amount (known as ACC offsets). However, ACC benefits are not deducted from Mortgage and Income Protection benefit payments.
AIA Vitality is our personalised, science backed health and wellbeing programme that supports you every day to make healthier lifestyle choices. It takes you on a journey to better health - where you get to know your health, improve it, and enjoy the rewards for doing so.
Add AIA Vitality when you purchase income protection insurance to receive:
Add AIA Vitality to your insurance for $11.50 per month or our Starter Plans have AIA Vitality Starter included.
** T&Cs apply.
AIA 360 Care is a personalised end to end claims experience that provides support, guidance and rehabilitation when you need it the most.
The programme is currently available to eligible income protection insurance claim customers free of charge. It includes a Post Care Recovery programme to support you once you are back in the workplace.
In 2023, we completed over 500 home visits and paid out $1.5m in rehabilitation support.
Enjoy a month on us
Enjoy one month's premium free when you take out any eligible income protection insurance before 30 June. T&Cs apply.
Get moving with Garmin
Plus, for a limited time sign up to AIA Vitality to get a $250 Garmin voucher and 25% off. T&Cs apply
Why get insurance advice?
Our advisers combine knowledge of our insurance options with an in-depth understanding of your financial situation, so you know you’re making the right choice – whether that means income protection, life, trauma, or health insurance.
Ready to get started?
In 2023, we paid over $85 million in income protection insurance claims with an additional $1.5 million via our AIA 360 Care programme to assist with rehabilitation support.
AIA LIVING
AIA LIVING
Eligible age in years (inclusive)
16 to 55
(or 60 if in a managerial position)
16 to 55
(or 60 if in a managerial position)
Benefit period
1, 2 or 5 years,
or to the age of 65 (or age 70 for selected occupations)
2 or 5 years,
or to the age of 65 (or age 70 for selected occupations)
Multi-Benefit Discount
Save up to 15% on your premiums when bundle multiple eligible benefits.
Save up to 15% on your premiums when bundle multiple eligible benefits.
Receive 10% cashback in your first year, then you're in control of the discount you receive.
Receive 10% cashback in your first year, then you're in control of the discount you receive.
Built in Benefits
Income Protection
Mortgage & Income Protection
Compulsory additional benefit
Income Protection
Mortgage & Income Protection
Optional add-ons
Income Protection
Mortgage & Income Protection
^This is a summary only. For all terms, conditions, limits and exclusions, please read the policy wording.
View frequently asked questions about AIA Income Protection Insurance.
No, Income protection insurance only covers you if you are unable to work because of injury or illness.
However, you can add Redundancy cover as an optional benefit to your income protection insurance.
If your income has changed and you would like to increase or decrease your monthly sum assured under Income Protection or Mortgage and Income Protection policy, please contact your adviser to discuss.
Each option varies slightly with regards to the proportion of your income that can be insured and how the monthly benefit payment is calculated at claims time:
Indemnity Cover – benefit payments are based on a proportion of your income at the time you make a claim.
Loss of Earnings Cover – this option allows you to choose how your benefit payments are calculated at the time you make a claim. This can be either agreed value or indemnity, whichever is higher. This option provides flexibility if your income fluctuates.
If you have ongoing financial commitments, you may want to consider whether you need income protection to support you to continue to meet these commitments if you were ever unable work because of illness or injury.
Please speak to your insurance adviser or request an adviser call for more information and to discuss your needs.
AIA’s Income Protection cover has a Pregnancy Premium Waiver built-in benefit. This is only available if you become pregnant while the policy is in place.
This means that AIA will waive the income protection premium for six consecutive months at any stage between the second trimester and six months after your pregnancy finishes while you are on maternity leave. You can still make a claim during this period.
Income protection insurance provides you with regular monthly payments to help cover your bills and expenses if you face an illness or injury that prevents you from working. These payments could assist with ongoing:
AIA's Income Protection products do not contain blanket exclusions for mental health. Your unique circumstances will be considered at application.
You have the option to select the optional Mental Health Limitation - that will reduce premiums but limit mental health claim payments to 2 years throughout the life of your policy.
Please speak to your insurance adviser or request an adviser call for more information and to discuss your needs.
When you apply for your insurance, it is important that you disclose any pre-existing medical conditions. Having a pre-existing medical condition does not automatically mean that you won’t have cover.
However, it may influence your cover and/or the premium payable, depending on what the condition is. Please speak to your insurance adviser or request an adviser call for more information and to discuss your needs.
The Policy Owner owns and controls the policy and is responsible for payment of premiums. The Life Assured is the person who has been insured under the policy.
If you need to make any changes to a policy, we require written authority from the Policy Owner.
Hazardous occupations are uninsurable or require different terms. To confirm eligibility please contact an insurance adviser for more information.
Other things you should know: the availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions and premium loadings may apply. This insurance is underwritten by AIA New Zealand Limited (‘AIA’). For full details of the products and benefits offered by AIA, please refer to the policy document(s) which are available from AIA. The information contained in this publication is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any insurance decision, you should consult a professional Adviser.
A note on exclusions and benefits
This insurance (including the built-in and optional benefits) is subject to certain stand down periods and exclusions. Please also note that the optional benefits are subject to an increase in premium and their own terms and conditions.
Terms and conditions apply
AIA Vitality is available with eligible AIA health or life insurance policies and has a monthly membership fee of $11.50 (including GST). View the full AIA Vitality terms and conditions.
When you apply for insurance with AIA New Zealand Limited, you have a legal duty of disclosure to AIA.