AIA Life Insurance Reviews

AIA Life Insurance Reviews

Life insurance is an important part of every family’s insurance plan. Most families will suffer when the provider cannot continue to provide due to accidental injuries, illness, or death. This is where the importance of an insurance policy comes in. It gives the entire family financial protection in these unfortunate events. Lucky for you, we have AIA Life Insurance Reviews.

AIA Life Insurance is a Good Option

AIA life insurance reviews online provide an insight on this life insurance package. AIA Australia Limited, previously known as AIG Life, has been providing Australians life cover for more than 30 years. It is considered as one of the country’s top insurance companies. It is backed by the largest publicly listed pan-Asian life insurance group and offers its customers a strong financial foundation.

Features of an AIA Life Insurance

An AIA Priority Protection Life Cover provides a lump sum in the event of death and terminal illness. You have the option to pay for it in a five-year or ten-year term. According to AIA life insurance reviews, AIA Priority Protection offers the following features and benefits to its policyholders.

  • AIA Priority Protection provides its policyholders up to $3000 cover for financial planning advice when a death or terminal illness claim is approved.
  • You can maintain the same level of premium for each year, but your sum insured will be reduced.
  • You will receive a maximum of $20,000 if one of your dependent children dies or suffers a terminal illness.
  • You can apply for an increase in cover in the future without the need for medical assessment.
  • Your family will receive an advanced sum of $25,000 or 10% of your insured sum if you pass away. They can use it to cover any immediate expenses.
  • You can get optional add-ons to your policy such as a forward underwriting, total permanent disability cover, and a crisis recovery benefit. You can include it in your AIA policy for an additional cost.

Pros and Cons based on AIA Life Insurance Reviews

Every insurance provider comes with its own set of pros and cons. Here are the pros and cons that come with an AIA Insurance policy based on AIA life insurance reviews online.

Pros:

  • You can choose a payment structure that suits your paying capabilities. You can choose from level, stepped, or optimum premiums.
  • You can be sure that you can still enjoy your future benefits regardless of inflation.
  • You can still update and increase your cover until the age of 55.
  • You can pay your premiums using your MasterCard, Visa, Diners Card, and America Express Card.

Cons:

  • You have to pay an annual policy fee. This is on top of your premium.
  • You will need to pay a replacement fee for lost policy documents.
  • Extra charges are applied if you choose to pay half-yearly (5%) or monthly (8%).

AIA Vitality Rewards Program

AIA Vitality is AIA’s life insurance rewards program. It rewards policyholders who maintain a healthy lifestyle with discounted premiums and partner discounts. According to AIA life insurance reviews, once you sign up, you immediately get a discount on your policy. Eligible policyholders get access to a wide range of discounts and lifestyle rewards. You can also track your fitness level online, and learn what you can do to maintain a fit and healthy lifestyle.

How your Premiums are Determined

How much your premium will cost will be determined by the following factors: age, gender, smoking habits, and your existing health conditions.

  1. Age

Age is one of the biggest factors that will affect your premium. The older you get, your premium becomes more expensive. As you get older, your health risks become more serious, compared to when you were younger.

  1. Gender

Males usually pay a larger premium because generally, they have a shorter life expectancy than females. 

  1. Smoking Habits

Smokers are more prone to health diseases such as lung cancer, stroke, and other cardiovascular problems. They are also at more risk of premature death. Smokers will generally pay higher premiums for life insurance compared to a non-smoker.

  1. Existing Health Conditions

Any insurer will require you to declare pre-existing health conditions that you have before you purchase an insurance policy. The insurer can reject your application because of this, or you may be charged a higher premium.

Choose an insurance policy that perfectly fits your needs and lifestyle. It is an investment that you should take seriously and diligently. The future is uncertain, and a life insurance policy is one way of securing it for your family. Trust Makes Cents to help with your quest for information. Read our list of the Best Australian Life Insurance Providers.

Have you considered switching your life insurance policy? Use our Life Insurance comparison service today.