Life Insurance
Protects your loved ones’ future if you're diagnosed with a terminal illness or die.
What is Income Protection?
If you face an illness or injury that stops you from working, income protection insurance provides regular monthly payments to cover your ongoing financial commitments like household bills and mortgage or rent payments.
With eligible policies you also get the added benefit of earning Airpoints Dollars™ for premiums paid, and have the opportunity to join AIA Vitality, a science-backed health and wellbeing program that rewards your healthy choices. T&Cs apply
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Key benefits of AIA Income Protection
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Income Protection Products
Provides a monthly payment to replace a portion of your income if you have an illness or injury and are unable to work. You have three options to choose from in this category: Agreed Value, Indemnity or Loss of Earnings.
You can also enhance your Income Protection cover by adding Premier Cover. See the extra benefits this cover provides below.
Provides a monthly payment to replace your mortgage or rent payments, should you suffer an illness or injury and are unable to work.
Mortgage and Income Protection doesn’t have ACC offsets. This means in case of an accident, anything paid by ACC to compensate your income will not be deducted from your Mortgage and Income Protection benefit payments.
Total Disability Income Benefit
You will receive a monthly benefit payment less offsets monthly in advance from the end of the waiting period and until you are no longer totally disabled or the benefit or cover term ends.
Partial Disability Income Benefit
You will be paid a benefit monthly in arrears if you become partially disabled.
Partial Disability Bridging Benefit
If you move from a total to partial disability benefit, this pays a lump sum equal to one third of the final monthly total disability benefit to help cover costs during the transition period
Enhanced Partial Disability Benefit
If you have Income Protection, when you move from being totally disabled to partially disabled you can receive a monthly top-up payment of either 25% of the Partial Disability Income Benefit (or one twelfth of the benefit amount less the PDIB, whichever is lower, for up to 12 months while on claim).
Rehabilitation and Support
One of our dedicated case managers will work with you to understand your personal situation and will consider what assistance could aid your return to work or improve your capacity to work.
Recurrent Disablement Benefit
The waiting period will be waived if you become totally disabled again and it’s caused by the same or a related illness or injury. This is subject to AIA’s opinion after considering the advice of a registered medical practitioner and other relevant information.
Vocational Assistance
This benefit is for the cost of a vocational assistance programme approved in advance by AIA if you’re unlikely to return to your pre-disability occupation.
Home Modification and Equipment Expense Benefit
AIA may agree to pay you an additional lump sum payment of up to 6 times the monthly benefit amount to cover costs of buying specialised equipment or completing home alterations because of your total disability.
Bed Confinement Benefit
If during the waiting period you are confined to bed under fulltime care for more than three days and are in an occupation class other than five, AIA will pay a daily Bed Confinement Benefit.
Suspension of Cover
If you go on parental leave, or go on leave without pay for any reason, you may suspend cover for a period no longer than 12 months. You cannot claim during this suspension period.
Back to Work Payment
If you have Income Protection and you can return to work between 12 and 24 months after claiming, we will pay you a lump-sum payment equivalent to 3 times your monthly benefit.
Pregnancy Premium Waiver
AIA will waive the premium for six consecutive months at any stage between the second trimester and six months after your pregnancy finishes. You can claim during this period.
Waiting Period Reduction Benefit
If you have a waiting period of 26, 52 or 104 weeks, you can reduce this waiting period, without providing any further medical evidence, if your Business Overheads, Business Continuity, Locum Cover or Rural Continuity is cancelled due to the life assured no longer being actively involved in the business or the business is sold or the business is no longer actively trading.
Concurrent Waiting Period Benefit
If the life assured is disabled and able to receive a benefit under this policy, and you also hold Business Overheads, Business Continuity, Locum Cover or Rural Continuity, then the waiting periods applicable to the life assured under each policy will be served concurrently from the disablement date.
Return Home Benefit
If you’re outside New Zealand and suffer one of the critical conditions for the first time, you could access up to $10,000 towards the cost for you and a support person to return home.
Childcare Support Benefit
You could be entitled to reimbursement of the costs for additional childcare that you may need while you are totally or partially disabled for dependent child(ren) who are under the age of 14 years old.
Property Special Event Facility
If you have Mortgage and Income Protection you may choose to increase the sum assured if there has been one of the following events: an increase to an existing mortgage, the purchase of a new home, the purchase of a holiday home or the purchase of a bare block of land zoned as residential.
Waiver of Premium
We will waive your premium payments, while your insurance remains in place when you are unable to work due to total disability. This benefit is compulsory when taking out any personal disability income policy and you’ll incur an additional cost.
AIA Living Benefits
Enhancement Passback
Access to our Enhancement Pass Back Benefit which is our commitment to you to keep our insurance relevant. Changes we make to our AIA Living products in the future are automatically passed back to you, offering you even more at claim time.
Worldwide Cover
Whether you’re at home, travelling or living overseas for any period, you remain insured.
(Only available with Income Protection)
If selected, this option provides you with the four additional benefits below and extra features within the Total and Partial Disability Benefits and the Bed Confinement Benefit available with your Income Protection.
Extra Cash Benefit
Pays an additional benefit each month for the first three months after the waiting period, equivalent to one third of your monthly benefit. This benefit is paid in advance and in addition to the Total Disability Income Benefit.
Permanent Disablement Benefit
Pays an additional monthly payment equivalent to a one third of your monthly Total Disability Income benefit calculated within your base cover if you are permanently disabled and have been paid a total disability benefit for 24 consecutive months.
Home Care Benefit
Provides an additional benefit payment to cover the services of a carer for up to 6 months. This benefit is paid in arrears and to the person providing the care.
Bereavement Grant
If you pass away while receiving a Total Disability Income Benefit, a lump sum payment of three times your benefit will be paid.
Mental Health Limitation
Choosing this option will reduce your premiums but means if you make a claim for mental health, you will only receive payments for 2 years throughout the life of your policy. This option is only available if you choose a benefit period to age 65 or 70
Future Insurability (only available with Income Protection)
You can apply to increase your sum assured at every third policy anniversary without providing any further medical information. Limits and conditions apply and every increase in cover will result in an increase in premium.
Claim Indexation Benefit
Your Income Protection Insurance sum assured will increase on each anniversary date every year by the same percentage as the New Zealand Consumer Price Index (CPI).
Retirement Protection
If you become totally disabled, we will continue your contributions to your KiwiSaver scheme while you are receiving Total Disability Income Benefit payments under your personal disability income policy.
Redundancy Cover
If you are made redundant, you’ll be covered with monthly payments for up to six months.
Accidental Injury Cover
Provides an up-front payment should you be injured accidentally. The payment you receive is based on the treatment you require and the cover you selected (up to $5,000 a month).
View frequently asked questions about AIA’s Income Protection Insurance products
Income protection insurance provides you with regular monthly payments to assist with your financial commitments if you face an illness or injury that prevents you from working. These payments could assist with ongoing:
AIA’s income protection cover has a Pregnancy Premium Waiver built-in benefit. 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.
This is only available if you become pregnant while the policy is in force. You can claim during this period.
Mental health related issues are not excluded from cover under AIA’s income protection cover.
You have the option to select an additional add-on that will reduce premiums but limit mental health claim payments to 2 years in total.
Please speak to your insurance adviser or request an adviser call for more information and to discuss your needs.
You may be eligible for your premium to be waived while you are on maternity leave. AIA’s income protection cover will waive the income protection premium under the Pregnancy Premium Waiver built-in benefit for six consecutive months at any stage between the second trimester and six months after your pregnancy finishes. This is only available if you become pregnant while the policy is in force. You can claim during this period.
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 or the premium, 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.
There is no specific time at which it would be best to consider income protection insurance. 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.
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.
If you have a pre-existing medical condition it is important that you advise your insurance company when applying for cover. Your insurance adviser will help you with this.
It does not automatically mean that you won’t be covered for that condition, however you must disclose all pre-existing medical conditions to enable the insurance provider to assess your application with all relevant information.