Life Insurance

Considerations when you’re looking to purchase life insurance cover:

• An insurance adviser can help guide you through your questions and help you decide what level and type of cover you need, and how your cover can be adapted to suit your needs.

• Know how much cover you need by considering your family situation; your debt (mortgage, personal loans, etc.) and other factors, such as being the owner of a business and what cover is needed to protect it.

• Know what the policy covers and what it does not cover. Know what the definitions in the policy means. These can differ depending on the insurance company that provides your cover.

• It protects your loved ones future, by providing them with a lump sum payment if you pass away, or are diagnosed with a terminal illness.
• If you are a business owner, it can protect your business if you or a key person passes away or is diagnosed with a terminal illness.
• The payment can be used for anything. For example: Paying a mortgage, taking time off work to take care of you if you are terminally ill, funeral costs, etc.

There is no specific age at which you should get life insurance; rather it would depend on your:

• personal circumstances
• family circumstances
• financial responsibilities.

If you have a mortgage, a spouse and children or others that depend on you financially, or if you own a business, you may want to consider having life insurance.

Note: There are minimum - maximum eligible ages for insurance products.

The amount of life insurance you need would depend on individual circumstances. It is recommended that you discuss this with an insurance adviser who will then be able to help you work out what amount you should be covered for.

Cover for Life is not designed to be a replacement for standard Life Cover, rather it’s an additional way to strengthen your financial plan.   

Traditional Life Cover is designed to protect you and your loved ones if you were to pass away unexpectedly in your peak financial years when you’re paying a mortgage, raising children, or supporting people who rely on your income. In traditional life cover, you pay premiums for the life of the policy for it to remain active, and premiums generally start lower and increase the older you get. Cover for Life is different because it’s designed to last your entire lifetime, offering level premiums for a fixed premium payment term, after which premiums stop but cover continues, Cover for Life and helpss you to leave a legacy or support end of life costs.

AIA Life insurance products provide worldwide cover. Whether you’re at home, travelling or living overseas for any period, you remain insured. 

AIA Starter plans are for individuals only. However, you can add your partner as an additional policy owner after your plan has been issued. This is recommended because having them as an additional owner means they can assist you with the maintenance of your plan. In the event a claim is required, they are also able to lodge and receive claim benefits.