Adviser
- Adviser
- Get Advice
- Home Loans
- Contact Us
- MyAIA

Cover for Life

Lifelong security, designed your way.

What is Cover for Life?

AIA Cover for Life is designed to provide lifelong protection by paying a lump sum to your loved ones when you pass away. You choose upfront how much cover you want and how long you’d like to pay guaranteed level premiums. Once your payment term ends, your premiums stop, but your cover continues for life.

Unlike traditional Life Cover, which is designed to provide affordable protection during the years when financial commitments are often highest, Cover for Life is designed to be held for your entire lifetime. It provides certainty through clear premiums and a fixed payment term. Once you’ve paid at least 50% of your payment term, you can choose to stop paying premiums and keep a reduced level of cover, which will still be paid out when you pass away.

Flexibility on your terms

When you take out your cover, you can select a payment term that best suits your plans, such as finishing payments while you’re still working, so your premiums stop when you retire, giving you long-term clarity and control.

If your circumstances change, any time after paying at least 50% of the premium term, you can choose to keep your policy going with a reduced sum assured and no further payments. It’s a simple way to maintain protection without financial pressure.

And with no minimum cover amount, you can shape your protection to fit what feels right for you.

Why Cover for Life might be good for you:  

Level premiums for your chosen payment term.
Payments stop at the end of your chosen payment term, but cover continues for life.
Flexibility if your plans change, to stop premiums any time after you’ve paid at least 50% of the premium payment term and still guarantee cover for life for a reduced amount.
Control to only pay premiums during your working years - with protection for life.

How is Cover for Life different from traditional Life Cover?

- +

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, but you pay premiums for the life of the policy for it to remain active, and premiums generally 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 helps you to leave a legacy or support end of life costs.

Here are some key differences when considering which life cover is right for you.

Life Cover can be useful for:	Cover for Life can be useful for:
Covering a mortgage  Supporting children and dependants who rely on your income Covering day-to-day living costs for your loved ones	Covering expenses following the death of a loved one, such as funerals Leaving an inheritance to your loved ones Supporting a partner or dependants Estate or legacy planning

Combining both types of cover gives you protection that adapts to match your changing needs. Life Cover offers protection when financial responsibilities are at  their highest in life and when others are reliant on your income. Whereas Cover for Life is designed to guarantee a payout on death, even if you stopped paying premiums after 50% of the premium term, helping with end-of-life costs or leaving a legacy.

How can Cover for Life create value over time?

- +

The chart below compares different premium structures: rate‑for‑age premiums rise each year, life level premiums stay constant until the chosen age then increase sharply, while Cover for Life premiums stay level until the chosen age and then stop altogether while cover continues.

Ready to get started?

Talk to an adviser
Talk to an Adviser
View Brochure

In 2023, we paid over $263 million in life insurance claims. Most of these claims were for those aged between 50-59.

Did you know?

In 2024, we paid over $298 million in life insurance claims. Most of these claims were for those aged between 50-59.

Do you want to enjoy exclusive benefits and rewards? 

When you add AIA Vitality, our personalised, science backed health and wellbeing programme, you start a journey to better health. You will learn about your health, improve it, and enjoy the rewards for doing so.

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 life, trauma, disability, or health insurance.

Built-in benefits of AIA Cover for Life^

Guaranteed level premiums

Premiums stay level for the payment term you choose when you take out cover, so it won’t increase each year or as you age. It may change if you alter your policy or if relevant taxation or laws change.

Choice of premium payment term

Option to pay until age 65, 70 or 80.

Premiums stop being charged at the anniversary date following the selected age, with policy remaining in force

Must be a minimum of 10 years from start age.

Repatriation

Financial support up to $20,000 to assist with costs associated with returning your body back to New Zealand or to your home country (the country you were born in, or were a permanent resident of).

Special events increase facility

Enables you to increase the sum assured under your cover, without further medical underwriting following a significant event in your life which results in increasing financial responsibilities.

Each special events increase will be issued on a new policy and will require an additional premiums until the same age selected for the original cover.

Guaranteed payout on death

Lump sum payment on your death. Cover continues even after premiums stop:

If premiums are paid until the premium payment term, full sum assured is paid.

If premiums have stopped any time after paying 50% of the payment term, a reduced sum assured is paid.

Paid-up option with reduced cover

Once you’ve paid for at least 50% of your payment term, you can choose to stop paying premiums. Your policy won’t end. Instead, it becomes paid‑up and continues with a lower cover amount.

Bereavement support

Receive an upfront payment to help with immediate expenses like funeral costs. Conditions apply.

Worldwide cover

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

The information available on this page is designed to provide a general overview only of AIA Cover For Life and does not replace policy wording. Your cover will be based on the information you give us when you apply or change your policy. If important information is missing or incorrect, AIA may need to change your cover or cancel the policy under New Zealand law. For all terms, conditions, limits, and exclusions, please speak to your adviser and read the policy wording.

Do you want additional peace of mind?

Options are available for you to extend your cover.

Trauma Insurance

Financial support if you or your child become seriously ill or injured.

Find out more

Income Protection Insurance

Monthly payment to replace a portion of your income if you are unable to work due to sickness or injury.

Find out more

Specialist and Testing Support

Gives you access to specialist consultations, diagnostic tests or procedures so that you can get on the path to treatment early.

Find out more

Specified Accidental Injury Cover

Short-term financial support, helping you continue daily life while recovering from an accident.

Find out more

Why choose AIA?

With AIA Vitality

The ride is rewarding

Get the most out of the ride when you add AIA Vitality to any eligible insurance product and receive an initial 10% premium discount plus an array of rewards. T&Cs apply.

92% Claims paid

in 2024

$829.6M

Paid

Between 1 January and
31 December 2024.

Multi-benefit Discount

Save up to 15% on your premiums when you buy multiple eligible insurance policies.

T&Cs apply.

Financial Strength

Rating

AA

(VERY STRONG)
RATING

More about AIA COVER FOR LIfe

FAQs

View frequently asked questions about AIA’s Life Insurance products

+ Expand All

What if I stop paying my premiums before the end of premium payment term for Cover for Life?

If you stop paying premiums before reaching 50% of the payment term, your policy will be cancelled. In this case, there would be no payout and no refund of premiums.

If you stop paying premiums after having paid for at least 50% of the payment term , your policy will be paid-up. This means your premiums will stop but cover will continue with a reduced sum assured until death. Reinstatement rules apply.

What if I die before the end of the premium payment term, is a claim still payable?

The cover is payable as a lump sum when you die any time after the policy commences, in line with policy wording. After the claim has been paid, cover will cease, with no further premiums payable.

How much does cover reduce if it goes paid-up?

Reduced cover is calculated by taking the proportion of the premium payment term already paid, multiplying it by the cover in place, and then applying a 5% adjustment.

How do I apply for Cover for Life?

To apply for Cover for Life please contact your adviser who will discuss it with you and provide you with further detailed information. If you would like to get in touch with an adviser, please see our talk to an adviser page.

AIA offers multiple life insurance products. How does Cover for Life differ, and how do I know if it’s right for me?

Cover for Life is designed for customers that want to have confidence that their life insurance premiums won’t increase as they age and certainty of a payout when they die. You’ll have clarity on the amount of premiums you pay, when premium payments will stop, and peace of mind that your loved ones will get a set amount of cover. If you are unsure which life insurance products are right for you, we recommend you speak to an adviser who can provide tailored advice.

I already have Life Cover with AIA. Can I replace this for Cover for Life without underwriting?

Existing life cover policies cannot be replaced with a Cover for Life policy. If you want to take a Cover for Life policy, you will need to complete a full application which will include medical underwriting. If your application is accepted, you can then choose to cancel your existing life cover policy or retain both. As an existing policy holder, we recommend you speak with your adviser who can discuss your options.

Is Cover for Life eligible for Multi-Benefit Discount?

The sum assured under an AIA Cover for Life policy will help you qualify for a Multi‑Benefit Discount on other AIA products. However, the discount does not apply to the premiums for AIA Cover for Life itself.

Policy Wordings

AIA Cover for Life Personal

- +

AIA Cover for Life

Disclaimer

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). For more details on Premium Flex we recommend you refer to the AIA Vitality Premium Adjustment Rules. Learn more about how you can earn an Apple Watch Series 11 (GPS)*. View the full AIA Vitality terms and conditions.

Your Duty of Disclosure

When you apply for insurance with AIA New Zealand Limited, you have a legal duty of disclosure to AIA.

Find out More

Our insurance products

Life Insurance

Health Insurance

Trauma Insurance

Total Permanent Disablement

Income Protection Insurance

AIA Starter Plans

Specified Accidental Injury Cover

Specialist and Testing Support

Business Insurance

Corporate Solutions

Rural Insurance

AIA Vitality Simulator

AIA Vitality Premium Flex Explained

How to earn points

Benefits & Rewards

Physical activity points explained

Sprint to Silver

Content Hub

Apple Watch Benefit

AIA Vitality Starter

Make a Claim

Health insurance claims

Life insurance claims

Income protection insurance claims

Trauma insurance claims

Accidental Injury Insurance Claims

AIA CLAIMS 360 CARE

Corporate Solutions - Making a Claim

About AIA

Our Purpose

Our Leadership Team

Charity Partners

Careers at AIA

Become an Adviser with AIA

AIA Thrive

Media Centre

Sustainability

Code of Conduct​ & Procedures

Help & Support

My AIA

Update your contact details

Contact AIA

Frequently asked questions

Product Updates and Policy Wordings

Consumers Price Index (CPI)

NEW TO NEW ZEALAND

Vulnerable Customers Support

Investment Products

Complaints

Log in to MyAIA

Send us a message

Talk to an adviser

Chat with us

Call Us

Contact Us

Talk to an Adviser

Cover for Life

How is Cover for Life different from traditional Life Cover?

How is Cover for Life different from traditional Life Cover?

How can Cover for Life create value over time?

How can Cover for Life create value over time?

Talk to an Adviser

Did you know?

Guaranteed level premiums

Choice of premium payment term

Repatriation

Special events increase facility

Guaranteed payout on death

Paid-up option with reduced cover

Bereavement support

Worldwide cover

Do you want additional peace of mind?

Trauma Insurance

Income Protection Insurance

Specialist and Testing Support

Specified Accidental Injury Cover

Why choose AIA?

With AIA Vitality

The ride is rewarding

Code of Conduct & Procedures