Income Protection Insurance

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.

You will be paid monthly in arrears if you have been totally or partially disabled and are working less than 75% of your pre-disability working hours or earning less than 75% of your pre-disability income.

If you move from a total to partial disability benefit, this pays a lump sum equal to 1/3rd of the last monthly total disability benefit to help cover costs during the transition period.

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 (PDIB) or 1/12th of the benefit amount less the PDIB, whichever is lower, for up to 12 months while on claim.

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.

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.

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.

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.

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.

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.

If 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.

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.

If you’re outside New Zealand and suffer a total disability for the first time, you could access up to $10,000 towards the cost for you and a support person to return home.

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. 

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.

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.