Mortgage, Income or Rent Cover

There are three options to choose from: Agreed Value, Indemnity and Loss of Earnings.

The length of time between you becoming disabled and when you start receiving payments.

Start saving when you take out life insurance and at least one other eligible insurance product. T&Cs apply. 

Premium flex rewards you with a discount on your insurance. The more engaged you are, the higher the discount. Conditions apply.​

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 a benefit monthly in arrears if you become partially disabled.

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. 

The waiting period will be waived if you become 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. 

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. 

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. 

Receive a payment of 12 times the monthly 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 full-time 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 can return to work between 12 and 24 months after claiming, we will pay you a lump-sum payment equivalent to three 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 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 or rural income protection is cancelled as you are no longer actively involved in the business or if the business has been sold or not actively trading. 

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 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. 

AIA provide the flexibility to suspend your cover for up to 12 months, if you meet the conditions outlined in the policy wording. No benefits will be payable for any claim event which occurs during this suspension period. 

At claim time, we’ll compare your purchased product’s policy wording with the latest version of that product’s policy wording and apply the most favourable option for your claim. For more information visit aia.co.nz/passbacks

Whether you’re at home, travelling or living overseas for any period, you remain insured.

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. 

If you’re outside New Zealand and suffer 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. 

Remove the burden of paying premium payments when you are unable to work due to disability. This is compulsory when taking out any personal disability income policy and will incur an additional cost.

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. 

Your Mortgage, Income or Rent Cover sum assured will increase on each anniversary date every year to account for the change in the Consumer Price Index (CPI). 

If you become totally disabled,  we will continue your contributions to your KiwiSaver scheme while you are receiving total disability income payments. 

If you are made redundant, you’ll be covered with monthly payments for up to six months.​